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Pacific Ethanol Surges Following Report

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Shares of Pacific Ethanol (NASDAQ: PEIX) surged over 10 percent following an ethanol report released late Friday, suggesting a decrease in ethanol prices due to an increase in corn alternative.

Gasoline for August delivery decreased by 1.7 percent to 2.9085 a gallon on Nymex, while corn for December delivery decreased by two percent, to $3.845 bushel on CBOT.

Shares of Pacific Ethanol traded recently at $17.00, up 8.4 percent.

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