Cash ethanol prices were flat to slightly lower during a thinly-traded early session, with the downside driven by falling corn futures on the Chicago Board of Trade following a bearish export sales report.
The U.S. Department of Agriculture reported net sales of 236,100 metric tons for the 2012/2013 marketing year, which were down 69% from the previous week and 21% lower from the prior four-week average. "Export sales numbers were not good for corn ... corn was also mildly overbought, and the momentum for technical rollover generated selling," said analyst Tom Pfitzenmaier at Summit Commodity Brokerage.
George Orwel can be reached at firstname.lastname@example.org.
© Copyright 2012 DTN/The Progressive Farmer, A Telvent Brand. All rights reserved.