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FROM BLOOMBER NEWS – The wholesale price of ethanol slipped last week after a federal report showed that production of the gasoline additive made from corn was at a record high. Denatured ethanol for May delivery fell 0.5 cent to settle at $1.597 a gallon on the Chicago Board of Trade. The futures market price has dropped 18 percent this year.

An April 30 U.S. Department of Energy report stated that output in February reached a record 833,000 barrels a day. “The market is still looking at the February numbers knowing that we’ve got a lot of production out there,” said Mike Blackford, an analyst at FCStone in Des Moines. “We’re still in an oversupplied scenario.”

An average ethanol mill in Iowa is losing 4 cents a gallon on a spot basis, but the typical distillery in Illinois is pocketing 3 cents per gallon, according to Ag Trader Talk, an online grains information service in Clive.