Spot ethanol values tumbled in early thin trade, tracking lower Chicago Mercantile Exchange corn futures after a new U.S. crop report showed higher expectations for the new corn crop. This week-delivered ethanol at the Kinder Morgan-run Argo terminal near Chicago was valued at $2.45 gallon, down 3.0 cents on the day.
Prompt ethanol barge transit to the New York Harbor was pegged at $2.49 gallon, down 3.0 cents on the day. "The USDA report came in as expected -- tight old crop and large new crop," said a broker. "I'm surprised price isn't lower (than they are), but day isn't over yet."
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