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Ethanol Gains as Corn Advances on Increased Export Demand

http://www.bloomberg.com/news/2011-03-29/ethanol-gains-as-corn-advances-on-increased-export-demand.html

Ethanol futures gained in Chicago as corn advanced on speculation that export demand is increasing for the feed and biofuel component.

The gasoline additive shadowed corn higher a day after the Agriculture Department said corn inspected for export climbed 31 percent from a week earlier. The grain is used to make ethanol in the U.S.

Denatured ethanol for April delivery rose 0.7 cents, or 0.3 percent, to $2.492 a gallon on the Chicago Board of Trade. Prices have gained 59 percent in the past year.

In cash market trading, ethanol in New York was unchanged at $2.61 a gallon and in Chicago the additive lost 0.5 cents to $2.51, according to data compiled by Bloomberg.

Ethanol in the U.S. Gulf slipped 0.5 cent to $2.64 a gallon and the fuel on the West Coast the fuel was unchanged at $2.71.

Corn for May delivery added 0.75 cent to $6.7175 a bushel in Chicago, up 9 percent from $6.165 on March 16. One bushel makes about 2.75 gallons of ethanol.

To contact the reporter on this story: Mario Parker in Chicago at [e-mail].

To contact the editor responsible for this story: Dan Stets at [e-mail].