Ethanol Plunges Most in Two Weeks as Cheaper Corn Reduces Costs
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Ethanol futures plunged the most in two weeks as cheaper prices for corn, the worst-performing commodity this year, made it more profitable for distillers to increase output.
The biofuel sank 1.6 percent as corn declined, capping the biggest annual drop since at least 1960, because of a record harvest. The grain is the primary feedstock for ethanol produced in the U.S., with one bushel making at least 2.75 gallons of the fuel alternative.