Cost of Corn vs. Ethanol Boosts Refiner Margins

Reflecting growing supplies, corn prices have been trending lower since reaching a record high season average farm price of $6.89 per bushel for the 2012-13 marketing year (Sept./Aug.). Monthly average corn prices fell sharply between July 2013 and January 2014, and then declined further through 2014, reflecting a record 2014 corn crop, projected at 14.4 billion bushels. Corn prices in 2014-15 are projected at $3.50 per bushel, down 50% since the summer of 2013. However…

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