US ethanol exports drop to 3-year low

Exports of US ethanol, which is made from corn, fell in August to its lowest level in three years.
A large Brazilian sugar crop depressed national biofuels prices. This makes imported bioethanol comparably expensive compared to sugar-based bioethanol.
However, the decline in ethanol imports from the USA was expected anyway. For the US suppliers, this is another setback, especially since they hold record-high fuel inventories.
In August 2018, Brazil purchased 4,395 gallons of US ethanol, compared to 24.5 million gallons in August 2017. Now it was even less than expected by the market.
The Brazilian oilseeds industry association Unica announced that as much sugar-based ethanol was sold in the second half of August as never before. Brazil introduced import tariffs from US ethanol last year. China, one of the largest biofuel buyers in the world, also increased the existing import tariffs on US ethanol in the course of the never-ending trade dispute with the USA.
Ethanol futures prices improved slightly from a 10-year low at the end of August.It is hoped that Donald Trump will announce next week in Iowa that the addition of biofuel to gasoline or diesel should be increased.
The ethanol producers had long demanded that, but many refineries were against it or they demanded financial support for the extra effort.

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