INVESTING: How ethanol mania is making a mess of the corn market
For the last 30 years, politicians from farm-heavy states like Indiana have been pushing for a massive increase in the production of ethanol. As oil prices began to kick up earlier this decade, their long lobbying efforts started to make some sense. Eighteen months ago, I highlighted Archer Daniels Midland as a company to play this move, and the stock went from $21 to $44 in a little more than a year. In the last 12 months, there have been…