Shawn Mccambridge News
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Ethanol strengthened against gasoline for the first time in four days as the summer driving season neared while production costs rose.
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Corn dropped to the lowest in more than a week on speculation that planting will accelerate in the U.S., the world’s biggest grower and exporter. Wheat and soybeans also declined.
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Egypt’s ouster of Nomani Nomani as buyer of more than 5 million metric tons of wheat a year on world markets put a spotlight on a role that brought stability to the task of feeding the nation’s 80 million people.
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Ethanol sank a third day against gasoline on concern demand isn’t robust enough to absorb supply from plants that are restarting as production costs ease.
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Wheat futures rose, capping the longest rally in seven months, after a government report showed higher overseas demand for U.S. supplies. Corn also climbed, while soybeans declined.
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Ethanol strengthened against gasoline on speculation prices will be supported by inventories at a record low for this time of year.
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Corn futures plunged the most since January after the U.S. said supplies left from last year’s crop climbed to the highest level since 2006.
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Corn posted the biggest gain in two weeks after the Federal Reserve announced a third round of stimulus measures to bolster the U.S. economy, improving prospects for grain demand as a drought erodes output.
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Nomani Nomani stepped down as vice chairman of Egypt’s state grain buyer after spending more than three years overseeing tenders for the world’s biggest importer of wheat.
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Wheat futures fell for the third straight day on lingering concern that cheaper grain from Eastern Europe will erode demand for supplies from the U.S., the world’s top exporter.
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