Early year ethanol production pace holds firm.

This new crop year is forecast to see 5.450 billion bushels of corn for ethanol. That is -0.4% from last year. At this time, we do not have efficiency data for this new harvest. We'll use -0.4% as our target for ethanol production.

Last week's ethanol production, 1.081 million barrels per day, was +3.9% from last year. Over the seven weeks of the new marketing year production is +2.6%. We are ahead of USDA's goal.

Gasoline usage was -0.3% year over year in the most recent week. The year to date pace is still better than expected, +3.9%.

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