Ethanol Gains Most in 18 Months as Report Signals Higher Costs
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Ethanol rose the most in 18 months, capping the best quarter since March 2011, following a government report showing an unexpected drop in corn inventories that may lead to higher production costs.
Prices surged after the Agriculture Department said corn stockpiles left from last year’s U.S. harvest totaled 988 million bushels on Sept. 1, down 12 percent from 1.128 billion a year earlier and below the 1.145 billion forecast in a Bloomberg survey. The grain is used to make ethanol in the U.S.