Ethanol exports from the USA reached a record level in 2024

According to the EIA, the export of fuel ethanol from the USA for the first 8 months of the current year increased by 34.92% compared to the corresponding period of 2023 to a record 29.59 million barrels, S&P Global Platts reports.

 

Low prices for American ethanol against the background of stable global demand contributed to the increase of its supplies from the United States to Great Britain, India and Colombia. Exports were also boosted by a reduction in ethanol supplies from Brazil, where domestic demand for E100 reached a multi-year high amid a sharp increase in overall fuel consumption and low Brazilian prices.

 

According to the Brazilian association UNICA, from January to October 2024, the country exported 1.6 billion liters of ethanol, which is 17% less than the corresponding figure last year.

 

Increased ethanol exports from the US mitigated the effects of significant backlogs and US corn production, preventing prolonged periods of oversupplied markets and supporting healthy margins. According to Platts, ethanol cash margins have been positive for most of 2024, and have remained flat since early October.

 

According to the EIA, US ethanol production reached a record 1.046 million barrels per day in 2024, compared to a daily average of 1.024 million barrels per day in 2023.