All and all it's just another brick in the wall. Blend-wall that is! Oil futures continue to the down side after the Environmental Protection Agency announced its long awaited recommendation on the easing of ethanol requirements in gasoline.
On the morning of Oct. 18, sugar prices were consolidating a 3¢-cent-per pound rally that began in mid-July. Then news broke that a massive fire broke out at Santos Port terminal, the largest in Brazil. March sugar spiked up by over 1¢-cent-per pound.
In early October, rumors began to circulate that the EPA was set to reduce the minimum ethanol blend that it mandates the U.S. fuel industry blend into gasoline. Over the past decade we’ve seen explosive growth for the U.S. corn-based ethanol industry.