Ethanol plants shut on record corn price: Citi

Reuters
Fri Jun 13, 2008 3:35pm BST

NEW YORK (Reuters) - Record corn prices pushed up by flooding in the Midwest have forced five small to mid-sized U.S. ethanol plants to shut and output of the biofuel could be slowed for months, a Citi research note said on Friday.

Storms this week have dumped rain on crop fields across the Midwest, where much of the world's food is grown. Corn prices have shot to a record near $8 per bushel, nearly double last year's price.

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