Spot ethanol prices at the Argo hub in the Chicago market and at the New York Harbor moved higher, rebounding in early trade Friday as the market sought to stabilize after Thursday's sharp selloff.
One trade source said the Argo market was well-supplied and linked the cash market gains to higher Chicago Board of Trade corn futures and the New York Mercantile Exchange RBOB futures.
"Argo storage terminal is full [with ethanol supply], but corn is up slightly," said the source.
Prompt delivered ethanol at Argo traded at $1.445 per gallon and pegged last at $1.45 per gallon, up 0.5 cent. March ethanol barge at the New York Harbor was talked at a $1.54 to $1.58 per gallon bid/ask for a 2.5-cent gain.
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