Ethanol Heads for First Monthly Drop Since May on Ample Supply
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Ethanol futures fell in Chicago, heading for the first monthly drop since May, after a government report showed ample supply of the biofuel.
Futures declined after an Energy Department report yesterday showed that the industry’s 15 percent production cut to 819,000 barrels a day from a record 963,000 on Dec. 30 hasn’t been enough to trim supply. Stockpiles at 18.5 million barrels last week, little changed from the previous week, were 3.4 percent higher than a year earlier.