Spot ethanol prices in Chicago and New York tumbled Monday as part of a broader retreat across commodity markets as easing concern about supply overshadowed a weakening U.S. dollar.
Chicago Board of Trade corn futures fell ahead of a weekly government crop progress data that's expected to indicate higher planted acreage after recent warm weather.
Prompt ethanol at Argo was pegged at $1.51 per gallon, down 2.5 cents, while Chicago ethanol under Rule 11 for this week shipment traded at $1.515 per gallon for a loss of 1.5 cents. Along the East Coast, ethanol barges for May shipment to New York Harbor were pegged at a $1.58 to $1.60 per gallon bid/ask, down 2.0 cents on the day.
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