U.S. ethanol production fell 0.4 percent to an average of 1.098 million barrels a day during the week ending Jan. 2, according to the Energy Information Administration on Wednesday. Output was down slightly from a year ago but well above the five-year average.

The estimated corn crushed for ethanol was about 105.95 million bushels. Accumulated crushings for the marketing year reached approximately 1.892 billion bushels, reaching 34 percent of the USDA’s 2025/26 target. Ethanol processors need to crush an average of 105.9 million bushels a week to meet the target.

Next week’s WASDE report will keep the corn ethanol forecast unchanged at 5.6 billion bushels based on the current crush pace.

Ethanol inventories declined by 2.1 percent last week to 23.65 million barrels. Stocks were held below the five-year average for a second week, as demand has helped offset record production.

Gasoline demand performed well leading up to the new year. Implied consumption finished at a four-year seasonal high after lackluster demand for much of the fourth quarter.

Fuel ethanol exports averaged 113,000 barrels per day last week, down from 148,000 barrels the previous week and 155,000 the same week last year.

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