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Corn futures fall after EPA ethanol proposal

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November 15, 2013 04:43 PM EST | AP


NEW YORK (AP) — Corn futures are lower after the Environmental Protection Agency proposed to reduce the amount of ethanol in the nation's fuel supply for the first time in history.

December corn fell 4.5 cents, or 1.1 percent, to $4.22 a bushel Friday.

The EPA's proposal would require less ethanol to be blended into gasoline next year.

The EPA also lowered its requirement for how much other biofuels need to be produced. Soybeans, which can be used in make biodiesel, fell 33 cents, or 2.5 percent, to $12.805 a bushel.

Wheat edged down a quarter of a cent to $6.445 a bushel.

Gold and silver rose slightly. The price of crude oil edged higher.