Ethanol futures fell in Chicago, capping a second straight weekly drop, on concern a requirement to blend corn-based ethanol with gasoline will be eliminated, while U.S. production climbed to a 23-month high. The biofuel slipped 11 percent this week. U.S. Senators Dianne Feinstein from California and Tom Coburn from Oklahoma introduced a bill yesterday to remove the requirement from the federal Renewable Fuel Standard, Bloomberg BNA reported. Ethanol output in the U.S. rose to 944,000 barrels a day in the week ended Dec. 6, according to a Dec. 11 Energy Information Administration report. “You have a bipartisan legislation introduced to the Senate which would eliminate corn ethanol from the RFS mandate completely, and carryover from the bearish EIA report,” said Sean Wever, a biofuels broker at Green Key Markets LLC. “The bear has a lot of talking points right now.” Denatured ethanol for January delivery dropped 6.5 cents, or […]