US ethanol exports not enough to compensate for excess production

In Iowa, despite increased ethanol exports of 120,000 b/d of exports and 920,000 b/d in blender inputs, ethanol stocks are expected to continue building due to average production of between 1.060 million-1.080 million b/d. Between five and 13 cargoes to China are said to have been booked but there has been no confirmation. That said, the market is exited about the potential for an open trade window in China that could help release some of the supply pressure, especially in the Midwest are stocks are growing the fastest.