U.S. ethanol production climbed to its highest level in more than two months last week, according to the latest report from the U.S. Energy Information Administration. Ethanol output averaged 1.117 million barrels per day during the week ending June 26, up from 1.09 million barrels the previous week and the strongest production rate since April. The Midwest, the nation's largest ethanol-producing region, accounted for most of the increase, with production rising to 1.053 million barrels per day. Ethanol inventories also moved higher, climbing to 24.69 million barrels. That's up from 24.59 million the week before and the largest stockpile since late May. The EIA report said an increase in production reflects continued strong demand for ethanol, an important market for U.S. corn growers, while the larger inventory numbers will be closely watched as traders gauge fuel demand heading into the heart of the summer driving season.
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