Spot ethanol prices extended higher, rising by 6.0 cents in California while up 2.0 cents in New York and Chicago, boosted by gains by Chicago Board of Trade corn futures and a rally for NYMEX RBOB futures. "Corn prices are up big ... that's why ethanol is trading higher," said Scott Strand, an analyst with Northstar Investment in Minneapolis.
Prompt delivered ethanol at the Argo supply hub in the Chicago market traded at $1.485 per gallon, up 2.0 cents. Chicago ethanol traded under Rule 11 was seen at $1.4775 per gallon for a 2.0-cent gain. September barges at the New York Harbor changed hands at $1.55 per gallon, up 2.0 cents. This week shipment of ethanol in northern California was said to have traded at $1.62 per gallon and then bid at $1.64 per gallon, up 6.0 cents.
George Orwel can be reached at firstname.lastname@example.org.
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