Ethanol Blog
Rick Kment DTN Analyst

Friday 09/28/12

USDA's Bullish Corn Data Spurs Ethanol Rally

U.S. spot ethanol prices jumped 9.0 cents to 12.5 cents in early trade Friday on the back of a 40.0 cent rally for corn futures on the Chicago Board of Trade after the U.S. Department of Agriculture released a report showing U.S. old-crop corn stocks totaled 988 million bushels as of Sept. 1, down 12% from a year ago, and at the bottom end of trade estimates. "We believe corn prices have the most upside as a result of this report," said analysts at Rabobank. "With this highly anticipated report now behind us, the market will increasingly focus on the U.S. harvest where we expect additional corn production cuts in the October WASDE will continue to push prices higher."

George Orwel can be reached at george.orwel@telventdtn.com.

Posted at 2:16PM CDT 09/28/12 by Rick Kment
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