U.S. ethanol production posted a modest gain in the latest reporting week, rebounding from more than a two-month low during the previous period, the Energy Information Administration said in its weekly petroleum report on Wednesday.
Ethanol output rose to 873,000 barrels per day (bpd) for the week ended July 15, which was up 1,000 bpd from the previous week and 4.4 percent higher than the 836,000 bpd produced in the same week last year, EIA said.
Stocks of the biofuel climbed 1.6 percent to 19.1 million barrels. [ID:nEIA000179]
Ethanol futures ZEc1 edged lower early on Wednesday, declining to $2.90 per gallon at the Chicago Board of Trade after setting a three-year high on Tuesday.
Corn use in ethanol production was forecast to rise to 5.05
million bushels in the current marketing year, accounting for nearly 41 percent of the U.S. corn crop and surpassing the amount used as feed for the first time, the U.S. Agriculture Department said earlier this month.