By Kirk Maltais

U.S. ethanol production surged for the week ended Oct. 1, rising to a level last seen in August.

In its latest weekly report, the EIA said U.S. daily ethanol production through Oct. 1 hit a rate of 978,000 barrels per day, up from 914,000 barrels per day reported last week. The uptick is well beyond the estimates of analysts surveyed this week by Dow Jones, who had forecast production to be anywhere from 902,000 barrels per day to 930,000 barrels per day.

Meanwhile, U.S. ethanol inventories also dropped more than expected by analysts, with the EIA reporting that inventories this week are at 19.93 million barrels, down 289,000 barrels from the previous week. Analysts were looking for stocks to be anywhere from 20.02 million barrels to 20.32 million barrels.

Corn futures trading on the Chicago Board of Trade were higher premarket, but have since fallen with the most-active contract down 0.8% to just above $5.33 per bushel this morning.

To see related data, search "U.S. DOE Oil Data: PADD Breakdown" in Dow Jones NewsPlus.

Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

10-06-21 1115ET