On Thursday, falling corn prices caused ethanol?s discount to gasoline to widen for the third consecutive day. Favorable weather outlooks have pressured corn prices to a 2 and ? year low. Based September contracts the corn crush spread, which is the difference between the cost of a gallon of ethanol and the cost of the corn used to make it, grew to $0.36 on Wednesday, compared to -$0.35 on December 31st.
Archer Daniels Midland Company (NYSE:ADM - News) shares traded in the range of $35.83 to $36.74 Thursday before settling to close at $36.64, an increase of 1.58 percent. The stock appears to be facing some resistance at $37.25 with some support at the $36.43 and $35.96 levels. Shares of Archer Daniels Midland have fallen approximately 33.8 percent year-to-date.
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BioFuel Energy Corp. (NASDAQ:BIOF - News) shares traded in the range of $3.55 to $3.83 Thursday before settling to close at $3.63, a decrease of 3.20 percent. The stock appears to be facing some resistance at the $3.70 and $4.12 levels with some support at $3.07. Shares of BioFuel Energy have fallen approximately 1.4 percent year-to-date.
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Green Plains Renewable Energy Inc. (NASDAQ:GPRE - News) shares traded in the range of $16.78 to $17.65 Thursday before settling to close at $17.60, an increase of 3.47 percent. The stock appears to have some support at the $16.88, $16.18 and $14.53 levels. Shares of Green Plains Renewable Energy have gained approximately 122.0 percent year-to-date.
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Pacific Ethanol Inc. (NASDAQ:PEIX - News) shares traded in the range of $3.95 to $4.83 Thursday before settling to close at $4.00, a decrease of 10.11 percent. The stock appears to be facing some resistance at the $4.35 and $4.65 levels with some support at $3.99. Shares of Pacific Ethanol have fallen approximately 15.6 percent year-to-date.
More information on Pacific Ethanol and access to the free equity report can be found at:
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