U.S. ethanol production hit a five month low last week, while ethanol stocks hit their highest level in almost two months, according to EIA data analyzed by the Renewable Fuels Association for the week ending September 19.

RFA reports that ethanol production was down 2.9% to a 19-week low of 1.02 million barrels/day, equivalent to 43.01 million gallons daily. Still, output was 3 percent higher than the same week last year and 7.5% above the three-year average for the week. The four-week average ethanol production rate decreased 1.0% to 1.07 million b/d, equivalent to an annualized rate of 16.37 billion gallons (bg).

Ethanol stocks bounded 3.8% to 23.5 million barrels, the highest level since the start of August. Stocks were 0.2% less than the same week last year but 3.1% above the three-year average. Ethanol exports scaled up 8.7% to an estimated 112,000 b/d (4.7 million gallons/day).