Ethanol Rises to Three-Month High on Corn Costs
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Ethanol futures rose to a three-month high in Chicago as dry, hot weather in the U.S. raised costs for the corn used to make the biofuel.
Prices gained as above-normal temperatures blanket the corn-rich U.S. Midwest, threatening crop development for the grain and ethanol feedstock. Negative margins to make the fuel have beleaguered producers this year, causing Valero Energy Corp., the third-biggest maker of the additive, to idle output at two distilleries.