Senate Votes In Favor Of Repealing Ethanol Subsidy

In a huge move, the Senate has voted in favor of ending the tax breaks and tariffs for ethanol production, which is hurting shares of the ethanol producers and fertilizer names. The Senate voted 73-27 in favor of ending the subsidies, and names like Archer Daniels Midland ADM, Green Plains Renewable Energy Inc. GPRE, The Andersons, Inc. ANDE are being hit hard on the news. Pacific Ethanol, Inc. PEIX and VeraSun Energy VSE are also being hit sharply on the news. The fertilizer names are being hit as well, on concerns that less corn will be planted. Potash POT, CF Industries CF and Mosaic MOS are also down on the news.