The Price VeraSun Pays for Corn
Let's see how VeraSun faired with its first quarter corn costs:
VeraSun's Daily Corn Bids for 1Q2008
The average price from January 2nd to March 31st for VeraSun's three plants - Aurora (120), Fort Dodge (110), and Charles City (110) - was a horrific $4.84 per bushel. The Linden (110) and Albion (110) plants are not accounted for as their daily corn bids are not available. In its previous quarters, VeraSun has paid an average of $3.61 per bushel (fourth), $3.32 per bushel (third), $3.62 per bushel (second), and $4.05 per bushel (first).
If this isn't bad enough, the USDA stated today that farmers are expected to plant 86 million acres of corn this year, down 8% from 93.6 million in 2007. The cut in supply only means that corn prices will go even higher. May corn on the CBOT jumped 6.6 cents today to $5.67 per bushel.
Just another bad day in the ethanol industry!
VeraSun's Daily Corn Bids for 1Q2008
The average price from January 2nd to March 31st for VeraSun's three plants - Aurora (120), Fort Dodge (110), and Charles City (110) - was a horrific $4.84 per bushel. The Linden (110) and Albion (110) plants are not accounted for as their daily corn bids are not available. In its previous quarters, VeraSun has paid an average of $3.61 per bushel (fourth), $3.32 per bushel (third), $3.62 per bushel (second), and $4.05 per bushel (first).
If this isn't bad enough, the USDA stated today that farmers are expected to plant 86 million acres of corn this year, down 8% from 93.6 million in 2007. The cut in supply only means that corn prices will go even higher. May corn on the CBOT jumped 6.6 cents today to $5.67 per bushel.
Just another bad day in the ethanol industry!
Ethanol is a horrible, horrible thing. It's even worse than oil. It drives massive deforestation in countries like Brazil, increases food costs and reduces food supplies in poor countries. What person in their right mind would place their lunch in their fuel tank?
Nuclear, Solar, Wind - not Ethanol.
Ethanol is the reason I switched my vote from Hillary to McCain. The environment is more important than Iraq.
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Tom, I can't believe that you wrote that! With the price of corn going to the moon, my kids are acquiring a taste for Crude Oil instead of Corn Flakes...and it is much cheaper :)
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