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US ethanol prices rise on Russian wheat ban

(ADPnews) - Aug 6, 2010 - US ethanol prices jumped USD 0.07 (EUR 0.05) in early trade yesterday after Russia, one of the world's top wheat exporters, announced a ban on grain exports until the end of the year.

Ethanol prices in Chicago were seen at about USD 1.23 a gallon but traders expect some fall-back.

Russia is banning grain exports after a drought destroyed 20% of its wheat crop. Prime Minister Vladimir Putin said the ban was needed to prevent a rise in domestic food prices, feed Russia's cattle and build up grain reserves.

(USD 1.0 = EUR 0.759)

Source: (HS/AM/HS)

Date:  30.09.2010

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