Ethanol production 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, 1.042 million barrels per day, was +0.7% from last year. The prior five weeks were also positive at +2.7%. We are ahead of USDA's goal.

Weekly gasoline usage in September was stronger than expected, +4.9% year/year. The first week of October was +12.5%. Data for the second week offsets that, -3.6%. Overall, better than expected general usage.

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