Corn Prices Highest Since June

March corn on the CBOT gained 6.2 cents today to settle at $4.24 per bushel; reaching its highest level since June 19th. The increase was due to a larger-than-expected decline in 2007-08 U.S. corn ending stocks. The USDA reported ending stocks at 1.797 billion bushels, compared to the average analyst estimate of 1.879 billion bushels and the month ago figure of 1.897 billion. Ethanol producers are paying the price:

Plant Name (Company)
Yesterday's Corn Bid  Today's Corn Bid
 Aurora Plant (Verasun)
 $3.87 $3.93
 Fort Dodge Plant (Verasun)
 $3.91 $3.97
 Charles City Plant (Verasun)
 $3.91 $3.97
 Iowa Falls Plant (Hawkeye)
 $3.99 $4.04
 Fairbanks Plant (Hawkeye)
 $3.88 $3.94
 Iroquois Plant (Iroquois Bio-Energy)
 $3.98 $4.04
 Redfield Plant (Redfield Energy)
 $3.86 $3.91
 Glacial Plant (Glacial Lakes Energy)
 $3.85 $3.91

Pacific Ethanol announced yesterday that it has suspended construction of its Imperial Valley ethanol plant in part due to rising corn prices.

 

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