Corn for September delivery settled at $8.0775 per bushel Thursday, up 12.75 cents, on the Chicago Board of Trade. August light sweet crude rose $2.79 to close at $92.66 per barrel on the New York Mercantile Exchange. August denatured ethanol ended at $2.718 per gallon, down 0.7 cents, on the CBOT.
A banking provision in the renewable identification number trading system could help ease the pressure on corn, whose prices have soared since a massive heat wave hit key growing areas, according to this analysis. Banked RINs could be used by obligated parties to meet quotas under the Renewable Fuel Standard in lieu of purchasing the fuel, thereby reducing the demand for corn. "I think RINs are going to be approached in a very different way in the coming months," said Nick Paulson, an assistant professor at the University of Illinois who has written a paper on RINS.
July corn fell 25 cents on Thursday to reach the lowest settlement price for a front-month contract since December 2010, at $5.785 per bushel, on the Chicago Board of Trade. Light sweet crude for July delivery gained 76 cents to close at $90.66 per barrel on the New York Mercantile Exchange. June denatured ethanol dropped 6.2 cents to end at its lowest level since Dec. 15, at $2.073 per gallon, on the CBOT.
July corn on the Chicago Board of Trade settled at $3.3725 per bushel on Tuesday, edging up by 0.4%. Expectations that the U.S. crude-oil inventory will drop for the second straight week sent July light sweet crude up by 0.8%, to $71.99 per barrel, on the New York Mercantile Exchange.
A recent study has caused physicians to rethink the ban on eating nuts, corn and popcorn for patients with diverticulitis. The study found no link between eating the foods and developing diverticulosis or diverticular complications.