Spot ethanol prices were discussed higher for the second straight day Tuesday amid strong seasonal demand and higher corn and gasoline futures on the Chicago Board of Trade and New York Mercantile Exchange platforms, respectively, while the U.S. dollar eased from a three-month high. Markets have moved to consolidate after last week's referendum by Britain to exit the European Union prompted a sell-off. The market now awaits weekly data due out Wednesday that's expected to show a draw from ethanol stocks.
Prompt delivered ethanol at the Argo supply hub in the Chicago market was seen 2.0cts higher at $1.63 gallon while Chicago ethanol under Rule 11 for this week shipment traded at $1.61 gallon for a gain of 1.5cts. California spot ethanol was seen at a $1.79 to $1.82 gallon bid/ask.
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