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Thursday, July 26, 2012

Ethanol Makers' Long Hot Summer

Ethanol Makers' Long Hot Summer

Record corn prices and sluggish gasoline demand are squeezing profits for U.S. ethanol companies, prompting some producers to idle plants or slow production.
Valero Energy Corp., VLO +2.33% Abengoa Bioenergy US Holding Inc. ABG.MC +5.36%and Nedak Ethanol LLC have idled plants since mid-June, citing poor market conditions for the corn-based fuel additive. And Archer Daniels Midland Co., ADM +1.76% the biggest U.S. ethanol producer by capacity, said that its ethanol margins had eroded to a loss of well over 20 cents a gallon.

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