Ethanol stocks appear to be under pressure this morning. Citigroup has downgraded the group to a SELL rating, partially based upon the Midwest flooding. VeraSun (NYSE: VSE) and BioFuel Energy (NASDAQ: BIOF) were cut to a "SELL" rating from "BUY" and Archer Daniels Midland (NYSE: ADM) was cut to "HOLD" from "BUY."
Over the last week and a half the flooding has caused irreparable damage to this year’s corn market. Corn prices have risen and are likely to destroy margins despite the subsidy. Cash costs are running above sell-through rates for small and mid-sized producers and Citi even believes some may be forced to shut down over the coming months.
Jon C. Ogg
June 12, 2008
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