Ethanol production is missing the goal.

Ethanol production last week ran 1.023 million barrels per day. At +0.5% year over year, it was a setback from three prior weeks of +3% to +6% runs.

USDA's 5.450 billion bushel whole-year corn for ethanol goal is +5.3% from last year. Noting this year's production run is less efficient than last year, we are using -1.3%, the goal for actual ethanol production is +4.0%. With a year to date run of +3.8% the remainder of the year needs to run +4.4%.

Officially, we are behind USDA's general goal. If the remainder of the year runs +3.0% the miss is 119 million bushels. If the remainder is +4.0% the miss is -67.

Implied gasoline usage this past week was -1.9% year/year. Since September 1 it is -0.4% year/year.

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