Spot ethanol prices in the Chicago market at both the Kinder Morgan-operated Argo terminal, and for rail transport under Rule 11 terms, moved lower in starting the new trade week, weighed down early Monday as corn futures on the Chicago Board of Trade sunk to a nearly five-month low in sympathy with the wheat contract pressured by tariffs announced by China on the grain.
Physical trade for ethanol gallons remained frustratingly slow, with one trade sources describing the market as "horribly quiet" early Monday.
Trade sources said prompt ethanol at the Argo terminal was talked at $1.39 per gallon, down 0.75 cents from the prior trade session while ethanol for this week shipment under Rule 11 rail terms dropped 2.25 cents to $1.4225 per gallon. New York Harbor June barged ethanol was indexed at $1.50 per gallon, down 2.0 cents on the session while the Gulf Coast was pegged a penny lower at $1.49 per gallon.
Dawn Gallagher can be reached at email@example.com
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