Spot ethanol prices moved lower in thin early trade Monday, tracking falling corn and RBOB futures on the Chicago Board of Trade and New York Mercantile Exchange, respectively. The decline comes ahead of a weekly crop progress report due out late Monday from the U.S. Department of Agriculture, with supply data for gasoline scheduled for release late Tuesday and Wednesday morning.
In cash trade, prompt delivered ethanol at the Argo supply hub in the Chicago market traded at a $1.395 per gallon four-month low, down 3.25 cents. Chicago ethanol under Rule 11 for this week shipment was pegged at $1.39 per gallon for a 1.0-cent loss. New York Harbor August delivered ethanol barges were talked at a $1.44 to $1.47 per gallon bid/ask spread, down 2.0 cents.
George Orwel can be reached at firstname.lastname@example.org.
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