Ethanol producer have benefitted from falling corn prices, which have plunged approximately 37 percent in 2013. The previous drought along the Farm Belt saw corn prices skyrocket to a record settlement of $8.3125 a bushel, causing farmers in the spring to plant a record corn crop. According to the U.S. Department of Agriculture the upcoming corn harvest is estimated to be a record 13.8 billion bushels, an increase of 28 percent year-over-year and an increase of 5.7 when compared to the prior record set in 2009.
Archer Daniels Midland Company (NYSE: ADM) shares traded in the range of $36.49 to $36.94 Tuesday before settling to close at $36.85, an increase of 0.03 percent. The stock appears to be facing some resistance at the $37.24 and $38.63 levels with some support at $36.74. Shares of Archer Daniels Midland have fallen approximately 25.0 percent in 2013.
More information on Archer Daniels Midland and access to the free equity report can be found at:
www.WallStreetFundamentals.com/ADM
BioFuel Energy Corp. (NASDAQ: BIOF) shares traded in the range of $3.60 to $3.80 Tuesday before settling to close at $3.65. The stock appears to be facing some resistance at the $3.81 and $3.98 levels with some support at $3.44. Shares of BioFuel Energy are flat year-to-date.
More information on BioFuel Energy and access to the free equity report can be found at:
www.WallStreetFundamentals.com/BIOF
Green Plains Renewable Energy Inc. (NASDAQ: GPRE) shares traded in the range of $15.85 to $16.41 Tuesday before settling to close at $16.24, an increase of 1.18 percent. The stock appears to be facing some resistance at the $16.65 and $18.18 levels with some support at $16.00. Shares of Green Plains Renewable Energy have gained approximately 105.0 percent in 2013.
More information on Green Plains and access to the free equity report can be found at:
www.WallStreetFundamentals.com/GPRE
Pacific Ethanol Inc. (NASDAQ: PEIX) shares traded in the range of $3.50 to $3.57 Tuesday before settling to close at $3.56, an increase of 1.42 percent. The stock appears to be facing some resistance at the $3.60, $3.76 and $3.87 levels. Shares of Pacific Ethanol have fallen approximately 25.0 percent in 2013.
More information on Pacific Ethanol and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PEIX
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