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Brazil Ethanol Supply Drying Up


“That maybe gave the market a little bit of hope that the supply from Brazil will dry up sooner rather than later,” said Jerrod Kitt, an analyst with Linn Group in Chicago.

http://www.bloomberg.com/news/2012-11-26/ethanol-rises-for-second-day-as-brazil-s-sugar-harvest-nears-end.html
Ethanol Rises for Second Day as Brazil’s Sugar Harvest Nears End
By Joshua Falk - Nov 26, 2012 2:08 PM PT

Ethanol futures in Chicago climbed against gasoline for a second day as Brazil’s sugarcane harvest neared its end.
The biofuel, made from corn in the U.S. and from sugarcane in Brazil, gained as industry association Unica said sugar mills in Brazil’s sugarcane belt will begin to shut down in the coming weeks. The mills crushed 42 percent more cane in the first half of November than they did a year earlier.
“That maybe gave the market a little bit of hope that the supply from Brazil will dry up sooner rather than later,” said Jerrod Kitt, an analyst with Linn Group in Chicago.
Production declined 13,000 barrels a day to 811,000 in the week ended Nov. 16, the lowest level for any week in November since the Energy Department began publishing weekly data in 2010.