Monday, June 9, 2008

Corn Prices and the Ethanol Producers (AVR; PEIX; VSE)

As a quick follow-up to "Is There Hope for the Ethanol Producers? (AVR; PEIX; VSE)" we have a corn update from

Chris Flood, writing on Friday at the Financial Times Online, reported that, “Torrential rain across parts of the Midwest pushed US corn prices to record levels on Friday, prompting concerns about the outlook for this year’s harvest.

“In Chicago, CBOT July corn jumped 20¾ cents to a record $6.63¼ a bushel, taking gains for this year so far to 45.6 per cent.”

The FT article added that, “One trader estimated that about 4m acres of corn and up to 19m acres of soyabeans for this year’s harvest have yet to be planted....MORE

The crop progress report comes out at 4:00 EDT today, we may not post it until tomorrow.