RPT-US ethanol output dips nearly 2 pct
(repeats to remove CORRECTED in headline)
* U.S. ethanol production slips 1.8 pct to 888,000 bpd
* U.S. weekly ethanol stocks drop 1.9 percent
By Carey Gillam
KANSAS CITY, Mo., Aug 31 (Reuters) - U.S. ethanol production slipped nearly 2 percent last week and stocks were depleted at the same pace as good demand met with tight competition for high-priced corn, ethanol's key ingredient.
The Energy Information Administration said on Wednesday that U.S. ethanol production totaled 888,000 barrels per day in the seven days to Aug. 26, down 16,000 barrels per day from the previous week.
Graphic of weekly ethanol production:
Ethanol stocks fell 350,000 barrels to 17.89 million barrels over the last week, the EIA said in its weekly report.
Chicago Board of Trade corn futures have been rising on strong demand and tight supplies ahead of harvesting of the new U.S. crop. On Wednesday, however, the corn futures market was setting back on some profit taking. The benchmark CBOT December corn futures contract was off 4-1/2 cents at $7.70-3/4 per bushel.
Ethanol futures on the Chicago Board of Trade ZEc1 were also lower on Wednesday, with the spot month down 0.014 cents to $2.908 per gallon. (Reporting by Carey Gillam; Editing by Alden Bentley)
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