Last week, Ethanol declined to a six-week low after a government report showed production of the biofuel rose to a record. Ethanol futures for August tumbled 3.7% to $1.991 a gallon in Chicago. Corn futures for July, meanwhile, stood 1.0% higher at $4.43 a bushel, with the data adding to some other arguments that price falls may have been overdone for now.

Ethanol futures fell after the Energy Information Administration said US biofuel plants production rose 3 percent to 972,000 barrels a day last week, up 28,000 barrels a day on the previous week, and the highest figure since records began four years ago.