Biofuels Digest Indexâ„¢ drops 2.81 as Archer Daniels Midland misses analyst forecasts for second quarter; ethanol stocks weak on growing fears of glut

The Biofuels Digest Indexâ„¢ (BDIU), a basket of public biofuels stocks, fell 2.81 percent yesterday to close at 124.85 after Archer Daniels Midland missed analyst expectations for its second quarter earnings, and ethanol stocks moved generally lower on reports from the Energy Information Administration suggested the growing risk of an ethanol glut.

For the day, Archer Daniels Midland (ADM) fell 2.86 percent to close at $44.20 despite recording a record profit of $441 million, or 73 cents per share, for the quarter.

Among mid caps, VeraSun Energy (VSE) fell 5.5 percent to close at $10.13, while among small caps Xethanol (XNL) fell 10.14 percent to close at $0.62. Overall, declines led advances 5 to 3.

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