Corn Hits 12-Year High

Corn futures rose to a 12-year high today as March corn settled 7 cents higher to $4.62 1/2 per bushel. The rise was due to a strong rally in soybean and crude oil futures. March soybean futures jumped 34.5 cents to $12.48 3/4 per bushel. Crude oil futures, meanwhile, surpassed the $100 mark for the first time due to escalating violence in Nigeria. The CEO of Olam International believes corn prices will average $5.30-$5.50 a bushel in the new year. Fortunately, ethanol futures have yet to cool down. Ethanol on the CBOT rose for the 19th time in 20 trading days today to settle at $2.42 per gallon (up 5.2 cents). As a result, ethanol's profitability continues to rise despite corns run as ethanol's crush spread is now at $2.152.



Date

CBOT ethanol price

CBOT corn price

Crush spread

January 2nd

$2.42

$4.62

$2.15

December 18th

$2.13

$4.32

$1.66

December 15th

$2.08 $4.38

$1.44 December 10th

$1.88 $4.17 $1.09 November 19th

$1.81 $3.94 $1.12 October 16th

$1.61 $3.74 $.77 September 1st

$1.54 $3.69 $.62






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