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U.S. ethanol stocks hit new record high

U.S. ethanol production declined over the past week, but stocks grew to a new all-time high.

The U.S. Energy Information Administration reports that for the week ending March 4th, production averaged 978,000 barrels per day, down 9,000 on the week, while stocks hit 23.307 million barrels, a jump of almost 700,000 barrels from the previous week and nearly 100,000 more than the previous record set during the week ending February 12th.

Wednesday, the USDA left its corn for ethanol demand estimate for the current marketing year unchanged at 5.225 billion bushels.