CBOT Corn Settles Lower

December corn on the CBOT fell 7.6 cents to $3.79 per bushel due to declines in outside markets. Crude oil fell over $1.92 to settle at $94.78 per barrel. In addition, December gold fell over $27 to $807.70 per ounce, and December silver dropped 78.3 cents to $14.762 per ounce. Corn's market direction Tuesday will once again be determined by outside markets. The weekly crop progress report is due out tomorrow at 4 p.m.

Ethanol producers benefited today:

Plant Name (Company)
Yesterday's Corn Bid  Today's Corn Bid
 Aurora Plant (Verasun)
 $3.53 $3.45
 Fort Dodge Plant (Verasun)
 $3.67 $3.61
 Charles City Plant (Verasun)
 $3.63 $3.55
 Iowa Falls Plant (Hawkeye)
 $3.63 $3.59
 Fairbanks Plant (Hawkeye)
 $3.65 $3.61
 Iroquois Plant (Iroquois Bio-Energy)
 $3.64 $3.61
 Redfield Plant (Redfield Energy)
 $3.51 $3.47
 Glacial Plant (Glacial Lakes Energy)
 $3.49 $3.47

It is SHOCKING to note that Pacific Ethanol paid $4.54 per bushel for their third quarter corn. VeraSun's CEO Donald Endres expects VeraSun's corn costs to be in the $2.90-$3.00 range.

 

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