Corn futures rose to a 12-year high today as March corn settled 7 cents higher to $4.62 1/2 per bushel. The rise was due to a strong rally in soybean and crude oil futures. March soybean futures jumped 34.5 cents to $12.48 3/4 per bushel. Crude oil futures, meanwhile, surpassed the $100 mark for the first time due to
escalating violence in Nigeria. The CEO of Olam International believes corn prices will average $5.30-$5.50 a bushel in the new year. Fortunately, ethanol futures have yet to cool down. Ethanol on the CBOT rose for the 19th time in 20 trading days today to settle at $2.42 per gallon (up 5.2 cents). As a result, ethanol's profitability continues to rise despite corns run as ethanol's crush spread is now at $2.152.
Date
| CBOT ethanol price
| CBOT corn price
| Crush spread
|
January 2nd
| $2.42
| $4.62
| $2.15
|
December 18th
| $2.13
| $4.32
| $1.66
|
December 15th
| $2.08 | $4.38
| $1.44 |
December 10th
| $1.88 | $4.17 | $1.09 |
November 19th
| $1.81 | $3.94 | $1.12 |
October 16th
| $1.61 | $3.74 | $.77 |
September 1st
| $1.54 | $3.69 | $.62 |
Comments