Spot ethanol prices fell again in early trade Tuesday on plummeting Chicago Board of Trade corn futures and New York Mercantile Exchange RBOB futures.
The oil and corn markets fell amid concern about supply overhangs. Informa said U.S. farmers have planted 45% of their acreage, which is more than expected, while wire reports indicate the Organization of Petroleum Exporting Countries increased production in April.
Prompt transfer ethanol at Argo traded at $1.51 per gallon, down 1.5 cents, while barges for May shipment to New York Harbor offered at $1.58 per gallon, down 2.5 cents. Houston ethanol barges were offered at $1.60 per gallon, down a penny, with Dallas offered at $1.58 per gallon for a loss of 2.0 cents.
George Orwel can be reached at email@example.com
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