Corn Futures Fall After EPA Ethanol Proposal

NEW YORK (AP) -

Corn futures fell Friday after the Environmental Protection Agency proposed to reduce the amount of ethanol in the nation’s fuel supply for the first time.

December corn fell 4.5 cents, or 1.1 percent, to $4.22 a bushel.

The EPA issued a proposal that oil refiners blend 15.2 billion gallons of renewable fuel, which is roughly 3 billion gallons below what was required in a 2007 law passed by Congress.

The law – part of an effort to address global warming – requires oil refiners to blend gasoline with 10 percent ethanol, which has resulted in higher corn prices.

Soybeans, which can be used to make biodiesel, another renewable fuel, fell 33 cents, or 2.5 percent, to $12.805 a bushel.

Wheat edged down a quarter of a cent to $6.445 a bushel.

In metals trading, the price of gold for December delivery rose $1.10, or 0.1 percent, to $1,287.40 an ounce. Silver for December was little changed at $20.73 an ounce.

December palladium fell $7.15, or 1 percent, to $732.65 an ounce. Platinum for January fell $5.20, or 0.4 percent, to $1,438.90. Copper for December rose 1 cent, or 0.3 percent, to $3.17 a pound.