U.S. ethanol production dipped slightly from the previous week to an average of 1.113 million barrels per day, a 0.4 percent decrease. Production was still 2.96 percent higher than the same week last year.

Estimated corn crushed for ethanol was about 107.4 million bushels. Cumulative crushings for the marketing year reached approximately 2.636 billion bushels, reaching 47 percent of the USDA’s target.

U.S. ethanol inventories rose 0.2 percent last week to 25.65 million gallons. Stockpiles were 6.98 percent below year-ago levels, but remained above the week’s five-year average.

Ethanol exports averaged 141,000 barrels a day last week, compared to 177,000 barrels the previous week and 115,000 barrels the same week last year, according to the EIA.

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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.