Bumper Midwest crops to keep feedstocks low for biofuels

In Illinois, a bumper corn crop is expected to keep prices below $3 per bushel even with current ethanol demand, providing an opportunity to pump out even more ethanol thanks to cheap prices. Growers expected a La Niña weather event to negatively impact crops this season but that didn’t materialize and the crops have been good. Soybeans are being kept low as well, also good for biodiesel production, thanks to wheat futures that are weighing on both soy and corn following Egypt’s imposition of strict phytosanitary rules on imports.