NEW YORK (Reuters) - A potential record U.S. corn crop inspired by the ethanol boom might yield more of the renewable biofuel this year than the country can use and is unlikely to pressure gasoline prices lower, experts said.
U.S. ethanol producers currently have capacity to make 5.6 billion gallons per year and are expected to expand that to about 8 billion gpy in 2007 as the Bush administration offers them millions of dollars in incentives. link
March 30 (Bloomberg) -- Corn prices fell the maximum allowed by the Chicago Board of Trade after a government survey showed U.S. farmers plan to sow 15 percent more grain this spring, the most since 1944 and above analysts' estimates.
Large speculators, who must report positions to the Commodity Futures Trading Commission, held 321,903 more long positions than short positions on March 20. Net-long positions reached a record 395,081 contracts on Feb. 27 after corn prices hit the 10-year high.
link
And you thought COT was a reliable indicator and the big guys always right. The herd is the herd.
U.S. ethanol producers currently have capacity to make 5.6 billion gallons per year and are expected to expand that to about 8 billion gpy in 2007 as the Bush administration offers them millions of dollars in incentives. link
March 30 (Bloomberg) -- Corn prices fell the maximum allowed by the Chicago Board of Trade after a government survey showed U.S. farmers plan to sow 15 percent more grain this spring, the most since 1944 and above analysts' estimates.
Large speculators, who must report positions to the Commodity Futures Trading Commission, held 321,903 more long positions than short positions on March 20. Net-long positions reached a record 395,081 contracts on Feb. 27 after corn prices hit the 10-year high.
link
And you thought COT was a reliable indicator and the big guys always right. The herd is the herd.
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