Ethanol Production in U.S. Low Enough to Drain Surplus, CME Says

by Mario Parker (Bloomberg BusinessWeek) Ethanol production in the U.S. has fallen enough to drain a stockpile glut of the biofuel, CME Group Inc. (CME)said.
Output has declined 15 percent to 819,000 barrels a day from a record 963,000 barrels on Dec. 30, Energy Department data show, and that’s been enough to help soak up the surplus, CME said in a report today. Inventories have slipped 19 percent to 18.4 million barrels from a record on March 16.
...The decline in production and stockpiles, combined with surging gasoline prices, has buoyed the market, CME said. READ MORE