Grains mixed; Corn re-approaches 4-year low on U.S. ethanol proposal

Grains mixed; Corn re-approaches 4-year low on U.S. ethanol proposal
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
Real-time Stock quotes, portfolio, LIVE TV and more.
GeStepAhead Travelcafe SME Special
moneycontrol.com

Home » News » Commodities

Nov 18, 2013, 04.57 PM | Source: Investing.com

Grains mixed; Corn re-approaches 4-year low on U.S. ethanol proposal

Grains mixed; Corn re-approaches 4-year low on U.S. ethanol proposal

Like this story, share it with millions of investors on M3

Grains mixed; Corn re-approaches 4-year low on U.S. ethanol proposal

Grains mixed; Corn re-approaches 4-year low on U.S. ethanol proposal

Post Your Comments

Share Cancel

Investing.com - U.S. grain futures were mixed on Monday, with corn prices falling to trade near a four-year low after the U.S. Environmental Protection Agency proposed easing an annual requirement for corn-based ethanol in gasoline.

On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD4.1738 a bushel, down 0.95%. Corn prices fell to a session low of USD4.1620 a bushel earlier, the weakest level since November 8.

The December corn contract ended 1.06% lower on Friday to settle at USD4.2200 a bushel.

Corn prices extended heavy losses from the previous session after the EPA proposed to reduce the amount of ethanol in the nation's gasoline supply, sparking concerns over a slowdown in demand.

Based on the new proposal, 12.7 billion to 13.2 billion gallons of corn ethanol would be used in the nation's fuel mix, the lowest level since 2011.

One bushel of corn is currently used to make about 2.8 gallons of ethanol.

Corn prices have been on a downward trend in recent months amid expectations this year's corn harvest in the U.S. will be the largest on record. Prices of the grain slumped to a four-year low of USD4.1540 a bushel on November 8.

Elsewhere on the CBOT, soybeans futures for January delivery traded at USD12.8025 a bushel, little changed. Prices of the oilseed traded in a range between USD12.7675 a bushel, the daily low and a session high of USD12.8338 a bushel.

The January soy contract tumbled 2.51% on Friday to end at USD12.8040 a bushel after agricultural meteorologists predicted mostly favorable weather across key soy-growing regions in Brazil, which was likely to boost crop prospects in the world's biggest exporter of the oilseeds.

Meanwhile, wheat for December delivery traded at USD6.4588 a bushel, 0.15% higher. Wheat prices traded in a range between USD6.4538 a bushel, the daily low and a session high of USD6.4963 a bushel.

The December contract slumped to USD6.4260 a bushel on Friday, the lowest since September 18, before settling at USD6.4440 a bushel, down 0.04%.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

Investing.com
Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com Stocks & Finance App for Android!

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Grains mixed; Corn re-approaches 4-year low on U.S. ethanol proposal

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login