MSC: Drought effects pose problems for US refiners

08/06/2012
US refiners' ability to meet federal requirements for renewable fuels will be strained for the rest of 2012. But that's nothing compared with what they face in 2013, according to a recently updated analysis of grains and ethanol by Dallas consulting firm Muse Stancil & Co. Severe drought since late spring in the largest corn-producing US states caused the US Department of Agriculture in early July to slash its earlier forecast for a record corn harvest. And since then, the drought has only worsened. What had been earlier this year a comfortable margin for refiners and blenders between corn-based ethanol and motor gasoline prices has now nearly evaporated, due the much higher corn pric...
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