Spot ethanol prices advanced in Chicago, New York and in California amid oversold market conditions and on a rally for Chicago Board of Trade corn futures that offset Thursday's data showing a rebound in weekly ethanol supply.
Corn futures rallied on concern bad weather during the next week could pose a risk to crops in the Midwest ahead of the harvest season. Today in-tank transfer Argo ethanol traded at $2.13 per gallon for a 2.0-cents gain while prompt Northern California ethanol traded at $2.35 per gallon for a 3.0-cents gain. "Strange looking day ... crude and RBOB down and ethanol and corn are up ... ethanol feels a little long today," said a trader.
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