last release: April 2017
- Ethanol margins changed little in March and remained negative.
- Ethanol spot and nearby futures prices declined in March, even as RBOB gasoline prices increased. Ethanol futures prices average 10 cents lower than gasoline.
- Domestic maize prices begun to ease in the second half of the month, leaving the average maize price down 6 cents in March. This lowered costs per gallon by 2 cents, but falling ethanol and DDGs receipts largely offset a gain from falling feedstock prices, leaving margins largely unchanged.
- Prices of DDGs were down 1 cent and remained at a significant discount to maize price.
- Ethanol production increased in March with additional days for processing over February, and continued to remain above an annual pace of 16 billion gallons.