U.S. spot ethanol prices in Chicago and along the East and West coasts traded 5 cents to 8 cents lower early Monday, tracking a sharp retreat by Chicago Board of Trade corn futures triggered by technical pressure and easing worries about corn planting delays.
Market sources said ethanol traders were booking profits after strong gains last week, while weather forecasts today show drier conditions, which would allow farmers to accelerate corn planting, trade sources said. "I think it's just weather and technicals (driving trading)," said one of the traders. "Prices rose last week basically on nothing."
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