Ethanol futures advanced a seventh day

Ethanol futures advanced a seventh day on bets that more rain next week will further delay U.S. corn planting, leading to higher production costs for the grain- based additive.Ethanol moved higher with corn, which rose on the Chicago Board of Trade as wet weather in the Midwest could delay spring planting. Corn is the primary feedstock for ethanol in the U.S.

“The spot corn market was up 10 to 12 cents today and ethanol tried to follow suit,” said Mike Blackford, a consultant at INTL FCStone Inc. in Des Moines, Iowa. Ethanol is still closely tied to corn, he said.
Denatured ethanol for June delivery rose 1.9 cents to $2.669 a gallon on the Chicago Board of Trade. The price ranged from $2.648 to $2.688. Prices are 69 percent higher than a year ago.
In cash market trading, ethanol fell 2 cents to $2.64 a gallon in Chicago, 2 cents to $2.745 on the Gulf Coast, 2 cents to $2.755 on the West Coast, and 1 cent to $2.745 in New York.
Corn futures for July delivery gained 11.25 cents, or 1.5 percent, to $7.595 a bushel in Chicago. Earlier, the price reached $7.65, the highest for a most-active contract since April 28.
Corn prices have more than doubled in the past year on tightening global supplies and rising demand from ethanol producers and livestock farmers. One bushel makes at least 2.75 gallons of ethanol.