Corn Declines for Fourth Day on Proposal to Curb Ethanol Usage

Corn fell for a fourth day in Chicago on speculation demand will slow after a drought-fueled surge in prices spurred U.S. lawmakers to propose reducing requirements for use of ethanol made from the grain.

More than 150 U.S. legislators asked President Barack Obama’s administration to cut a requirement that refiners use ethanol, added to gasoline. Ethanol producers used more than 40 percent of last year’s U.S. corn crop. Corn has surged 56 percent since mid-June as the U.S. suffered its worst drought since 1956, increasing costs for users including livestock producers and food processors.