Spot ethanol prices rallied on Friday amid short covering by one key trader, especially in the Chicago cash market, as well as on higher corn futures on the Chicago Board of Trade.
A source said Wednesday's proposal by the Environment Protection Agency to maintain the 15 billion gallon maximum amount of conventional biofuels that must be supplied to market in 2018 under the Renewable Fuel Standards program was bullish for the market
Prompt ethanol supply at the Argo terminal in the Chicago market traded at $1.52 per gallon, up 3.25 cents. A July fuel ethanol barge at the New York Harbor traded 8.0 cents over Chicago, and was last bid at $1.595 per gallon and offered at $1.61 per gallon, up 2.75 cents on the session.
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