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  • futureripplemovers futureripplemovers Dec 12, 2013 2:32 PM Flag

    GRAINS-Corn tumbles 1.5 pct on proposal to nix ethanol mandate

    GRAINS-Corn tumbles 1.5 pct on proposal to nix ethanol mandate

    Thu Dec 12, 2013 11:29pm IST

    * Senators propose ending ethanol mandate

    * Big South American crop prospects pressure soybeans

    * China rejects another U.S. corn cargo on unapproved GMO

    * Wheat falls to new contract lows on big world supply

    By Sam Nelson

    CHICAGO, Dec 12 (Reuters) - U.S. corn futures fell more than 1.5 percent on Thuresday, notching the biggest one-day loss since mid-November, after a group of U.S. senators proposed ending the mandate to use corn-based ethanol.

    Corn also fell on concerns about the fate of U.S. corn sales to China after China began rejecting cargoes containing an unapproved GMO corn variety and on talk the unwanted variety may also be in some containers of distillers dried grain (DDG).

    Soybean futures fell more than 1.5 percent, its biggest one-day loss since Nov 15, on prospects for a bumper South American soybean crop early next year and despite export sales of U.S. soybeans last week that exceeded estimates.

    Wheat fell to new contract lows due to a plentiful global stockpile.

    At 11:29 a.m. CST (1729 GMT), Chicago Board of Trade March corn was down 8 cents per bushel at $4.31-1/4, January soybeans fell 18 cents to $13.10-1/2 per bushel and March wheat slid 7-1/4 to $6.33-1/2.

    A group of 10 U.S. senators introduced a bipartisan bill on Thursday to eliminate the corn ethanol mandate, arguing that current law pushes up the cost of food and animal feed and damages the environment.

    "The proposal had a definite immediate shock to prices but long-term I don't think it has a chance getting through Congress, it will have a tough time clearing the farm lobby," said Sterling Smith, a futures specialist for Citigroup.

    "Also, there is a lot of ethanol use built into fuel standards even without the manadate so I question how much of an impact ending the mandate would have," Smith said.

    Corn had already been laboring due to concerns about the s

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    • Isn't it funny that it took years to figure out some basic information. 1. Food prices go up because the majority of the corn crop is going to make methanol. 2. The cost of methanol is the price paid for the corn, then the cost of energy to covert corn into methanol. It takes more energy to make a gallon of methanol than that gallon with produce when mixed with gasoline. Wow, it only took the senate 15 ore more years to figure out those two points. We need to forget this "feel good" #$%$ and do what is right for the consumers in this country . ie: Citizens

      • 2 Replies to tealcarver
      • Agricultural commodity prices have been on the decline because there is a lot more acreage planted. Starting in the late 1990's all commodities began to rise because of under investment during the 1980's - 1980's stock bull market. When prices began to rise, primarily from lack of demand, farmers started to plant more. In the mid West farm land has hit an all time high. Ethanol production only made things worse for corn. Supply is now out stripping demand. You give too much credence to congress. The natural ups and down swings in the commodity market dwarfs whatever impact the idiot in congress can have on these markets.

      • Confused?
        Corn is approaching 4 to 6 year lows!

        insidefutures

 
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