Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ethanol Declines for Third Time in Four Days, Slipping With Corn

Oct. 10 (Bloomberg) -- Ethanol declined for the third time in four days in Chicago, falling with corn on expectations that rain helped crops in the U.S. and South America.

The biofuel dropped 0.5 percent as corn and soybeans slipped and World Weather Inc. called for more rain in crop-growing regions of South America. The U.S. Agriculture Department is expected to report tomorrow that the corn crop is 10.6 million bushels, down from the September estimate of 10.7 million. Corn is used to make ethanol in the U.S.

The report “is of particular importance because it’ll give traders a better grasp of just how big the corn and the bean crops are here in the U.S.,” said Jerrod Kitt, director of research at Linn Group in Chicago.

Denatured ethanol for November delivery dropped 1.1 cents, or 0.5 percent, to $2.397 a gallon on the Chicago Board of Trade. The price is up 8.8 percent this year.

In cash market trading, ethanol on the West Coast declined 1.5 cents to $2.56 a gallon, according to data compiled by Bloomberg. In the U.S. Gulf, the additive remained unchanged at $2.465. Ethanol in Chicago declined 1.5 cents to $2.39 a gallon. In New York, the biofuel gained 1.5 cents to $2.51.

Corn for December delivery fell 5.25 cents to $7.3675 a bushel in Chicago. One bushel makes at least 2.75 gallons of ethanol.

To contact the reporter on this story: Joshua Falk in New York at jfalk19@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.