Some U.S. ethanol makers are considering buying corn from Brazil to guarantee su...
SAO PAULO - Some U.S. ethanol makers are considering buying corn from Brazil to guarantee supply as domestic crop prices are rising, the chief of the Renewable Fuels Association said on Tuesday.
“I haven’t heard that it is happening, but I have heard some chatter that there are people looking at it, because of the growing spread between U.S. and Brazil corn prices,” Chief Executive Geoff Cooper said in an interview on the sidelines of the Ethanol Summit 2019 in Sao Paulo, organized by cane industry group Unica.
U.S. corn is fetching five-month high prices, including a more than 25% increase since May, as the crop outlook has deteriorated due to unfavorable weather.Brazilian grain analyst Agroconsult cited reports of U.S. ethanol makers, mostly on both coasts, buying corn from Brazil and Argentina. RFA’s Cooper said ethanol prices are keeping up with rising corn prices, “but at some point you run out of room.”
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