Production climbed to 1.106 million barrels per day in the week ended Oct. 22, just 2,000 barrels per day short of the all-time high reached in the week ended Dec. 1, 2017, according to data published by the U.S. Energy Information Administration.

Scott Richman, chief economist at the Renewable Fuels Association (RFA), said: “Ethanol production throttled back, which resulted in declining inventories. This, in turn, led to higher prices and margins, incentivizing...