According to data released by the EIA this morning, average daily ethanol production during the week ending July 11 stood at 1.087 million barrels per day, up 2,000 barrels per day from the previous week. Ethanol stocks fell by 324,000 barrels to 23.635 million barrels. This decline occurred even as exports dropped by 27,000 barrels per day to 94,000 bpd, and refiner inputs decreased by 22,000 bpd to 880,000 bpd.

Export sales data will be released Thursday morning. The trade is expecting old crop bookings in the range of 0.5 to 1.2 million metric tons, while new crop sales are anticipated between 400,000 and 900,000 metric tons.