Biofuels Digest Indexâ„¢ drops 1.62 percent to 114.19 on topsy-turvy trading day dominated by 3/4 point Fed interest rate cut

The Biofuels Digest Indexâ„¢ (BDI), a basket of public biofuels stocks, fell 1.62 percent yesterday to end at 114.19 as US equities went through a historic rollercoaster after opening more than 500 points down on recession fears only to recover nearly 400 points of the losses on the news that the Federal Reserve was cutting interest rates by 75 basis points.

For the day, sector giant Archer Daniels Midland (ADM) was down 2.36 percent to $40.19, while diversified agribusiness The Andersons (ANDE) fell 3.18 percent to close at $42.94. Among mid cap ethanol stocks, Pacific Ethanol (PEIX) fell 9.42 percent to $5.00, but Aventine Renewable Energy (AVR) gained 1.17 percent to finish at $9.53.

Among small caps, ethanol stocks were battered, with Bluefire Ethanol (BFRE.OB) trading downwards 12.66 percent to close at $3.45 while Xethanol (XNL) tumbled 8.11 percent to $0.68 on news of an investment in Consus Ethanol and a grant from the state of Florida. Overall, declines led advances 3 to 2.

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