Spot ethanol prices opened trade for July and the third quarter sharply lower, as corn futures tumbled amid heavy selling. Chicago Board of Trade July corn futures slumped to a $3.39 bushel two-week low through early afternoon Monday, holding above the June 19 $3.386 seven-month low.
In physical trade, trade sources pegged ethanol at the Kinder Morgan-operated Argo terminal at $1.3950 gallon, down 2.75cts, while ethanol shipped under Rule 11 rail terms traded at $1.44 gallon, down 2.25cts.
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