The move higher in the ethanol futures was driven exclusively by the sharp gain in corn futures prices as well as continued firmness in the energy complex. With nearly all contracts moving higher as traders entered the holiday-shortened week, corn markets seemed to be the main attraction, at least in the view of the ethanol market. Moderate support through the corn market firmed through the day, with front-month December contracts closing 11 cents per bushel higher. This led to follow-through support in the ethanol market as December contracts led the complex higher with a 3.2 cent per gallon rally. This rally helped to push the December contract to a November high of $2.383 per gallon, breaking through resistance levels set on the 9th at $2.381 a gallon. There seems to be very little direct support in the ethanol market as at this point the ethanol market remains content following the direction of both corn and energy markets.
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