December futures prices for corn have declined to $7.40 a bushel from a high of $8.38 on Aug. 21. Distillers grains cash prices, which track corn prices, are down too, from an average of $299 per ton during the week of Aug. 10, to $286 on Sept. 14.
Sept. 15 marks the expiration date for the U.S. EPA's summer volatility restriction for gasolines. The EPA's E15 approval included a summer vapor pressure restriction to 9 psi, creating the need for a specialty blendstock unavailable in many areas.
The USDA dropped its estimate for the national average corn yield by 0.6 bushels to 122.8 bushels per acre on Aug. 12, a figure on the higher side of some trade estimates that projected yields dropping below 120 bushels per acre.
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