BioFuel (BIOF), Pacific Ethanol (PEIX) Trade Higher; Gas Prices Remain High, Corn Yields Low
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BioFuel (Nasdaq: BIOF) and Pacific Ethanol (Nasdaq: PEIX) shares are notably higher on the session Tuesday, ahead of the USDA crop update on Thursday.
Both are up amid a mixed news. On one hand, drought across the U.S. has ravaged crops and the USDA is expected to report lower harvest expectations for corn into 2013.
Prices of corn have fluctuated, but are higher on the session Tuesday by about $3.40 per bushel.
On the other hand, nationwide gasoline prices near all-time highs is pushing chatter for alternatives to the petroleum-derived fuel. EIA data has the average cost of one gallon of gasoline at $3.787, up 37.1 cents from the same period last year.
Traders should keep an eye on these two companies into the crop report. Shares of BioFuel are up 13.7 percent while Pacific Ethanol is just about 6 percent stronger on the session. Volume is above average in both cases.
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Both are up amid a mixed news. On one hand, drought across the U.S. has ravaged crops and the USDA is expected to report lower harvest expectations for corn into 2013.
Prices of corn have fluctuated, but are higher on the session Tuesday by about $3.40 per bushel.
On the other hand, nationwide gasoline prices near all-time highs is pushing chatter for alternatives to the petroleum-derived fuel. EIA data has the average cost of one gallon of gasoline at $3.787, up 37.1 cents from the same period last year.
Traders should keep an eye on these two companies into the crop report. Shares of BioFuel are up 13.7 percent while Pacific Ethanol is just about 6 percent stronger on the session. Volume is above average in both cases.
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