U.S. ethanol production earlier this month fell to the lowest levels in over three years, while a tighter grain supply outlook signaled higher corn costs, CME Group said in a report.
Market focus in early January shifted to corn prices, which climbed to six-week highs after the Agriculture Department cut its forecast for domestic stockpiles, with inventories at the end of summer expected to be the smallest in 17 years.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.