(Reuters) - Soaring corn futures and stagnating oil prices spell disaster for the U.S. ethanol sector this summer. A repeat of the industry's financial troubles from a few years ago cannot be ruled out.
US corn futures have soared as evidence has mounted that drought conditions will devastate this year's crop. Front-month corn futures have jumped more than 40 percent since the mid-June.
This is a very big deal and it may increase oil demand very soon. Read full article below.
http://www.reuters.com/article/2012/07/ ... ews&rpc=43