The U.S. corn crop is 73% harvested, compared to 59% harvest at the same time a year before. According to a Bloomberg survey of analysts, the U.S. corn crop could end up being a record 14.03 billion bushels for 2013. The U.S. Department of Agriculture will release its official estimates on November 8th. As corn supplies increase and ethanol’s discount to gasoline widens, distillers are accelerating to maximize production. Corn prices have dropped 39% this year to $4.25 per bushel in Chicago – the worst performing of the 24 raw materials of Standard & Poor’s GSCI Spot Index. U.S. ethanol has dropped 22% this year and according to FCStone this points to the continuation of increasing exports. In August shipments reached 1.19 million barrels (49.98 million gallons) – a five-month high, according to the Energy Information Administration. To read further about how corn, gasoline, ethanol and RINs are performing:
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