In Illinois, corn and ethanol prices have stabilized after a significant series of falls that have made ethanol economics more difficult, while demonstrating the weak link between food prices and biofuel feedstocks. At the Chicago Board of Trade, the December corn contract rose to $3.85 after falling as low as $3.73; corn had reached a high of $7.85 earlier this year. Meanwhile, the December ethanol futures contract rose to $1.69 per gallon, up two percent this week, but down from highs in the mid two-dollar range earlier this year. One bushel of corn realizes 2.8 gallons of ethanol, on average, using newer ethanol production techniques.
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