Corn Falls as Ethanol Mandate May Be Cut; Soybeans, Wheat Drop
This article is for subscribers only.
Corn fell for a third straight day, capping the longest losing streak since June, as some lawmakers urged the U.S. to amend an alternative-fuel mandate, dimming prospects for demand. Soybeans and wheat also dropped.
A bipartisan group of lawmakers plans to ask the Obama administration to lower the nation’s mandate for ethanol made from the grain, according to an e-mail yesterday from Representative Steve Womack, an Arkansas Republican. The worst U.S. drought since 1956 sent corn prices to a record this week, raising the prospect of higher grocery bills as the cost of grain-based livestock feed jumped.