The article explores how ethanol and grains prices change over time. It looks at nine pairs of prices, including ethanol and agricultural products like corn and soybeans. The study finds that most price adjustments happen when the price gap narrows. Ethanol futures can help hedge risks in agricultural markets. Corn prices show the strongest long-term widening adjustment, while sugar prices show the weakest narrowing adjustment. Overall, the research suggests that using ethanol futures can help manage price risks in agricultural markets.