Ethanol production hit its highest level since January the week ending May 30 while stocks are up slightly and exports are on the rise.

According to EIA data analyzed by the Renewable Fuels Association, ethanol production accelerated 4.6% to an 11-week high of 1.11 million b/d, equivalent to 46.41 million gallons daily. Output was 3.1% higher than the same week last year and 5.3% above the three-year average for the week. The four-week average ethanol production rate scaled up 2.1% to 1.05 million b/d, equivalent to an annualized rate of 16.11 billion gallons (bg).

Ethanol stocks only gained 0.7% to 24.4 million barrels, but that is 6% more than the same week last year and 5.3% above the three-year average. Ethanol exports gained by over 127% to an estimated 150,000 b/d (6.3 million gallons/day).