Cheap Corn Deters Buyers in USDA Sugar-for-Ethanol Program
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A glut of corn is limiting biofuel producer interest in a government program to sell surplus sugar for ethanol, potentially decreasing its effectiveness in propping up sugar prices.
Green Plains Renewable Energy Inc., the fourth-largest U.S. ethanol producer, has decided not to participate in the first round of a program designed to ease a sugar glut through biofuels, citing concerns over its cost and regulations. Valero Energy Corp., the third-biggest producer, also will skip the program, spokesman Bill Day said in a statement.