Spot ethanol prices are back to near flat to lower this afternoon following the release of two divergent sets of federal data, with the U.S. Energy Information Administration saying domestic ethanol supplies were drawn down 2.6% last week to a three-year low, while the Department of Agriculture cut its projection for domestic corn supply for next year by less than analysts expected.
"We saw a nice 3 cents pop for ethanol prices following the EIA data, but was short-lived and moved lower following the WASDE report," said a trader. Prompt Argo was seen at $2.56 gallon, down a penny this afternoon, the trader said.
George Orwel can be reached at firstname.lastname@example.org.
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