Ethanol production hits record high of 994,000 bpd

In Washington, the Energy Information Agency says ethanol production from corn hit a new record high last week of 994,000 barrels per day, 2,000 bpd higher than the previous record hit in December. Corn prices are at near five-year lows, providing high enough margins to ethanol producers to encourage them to ramp up production. Stocks are also the lowest since Jan. 2.