Spot ethanol prices at most of the nation's trade hubs rose early Friday, with prompt delivered product trading at one-month highs in the Midwest and along the East Coast amid rallies for Chicago Mercantile Exchange corn futures and New York Mercantile Exchange RBOB futures. CME corn futures were up on weather concerns while NYMEX RBOB futures were boosted by talk of a refinery glitch in Canada that could limit supplies at a time of rising demand.
Prompt Argo ethanol traded at $2.49 per gallon, up 6 cents on the day, while New York Harbor ethanol traded at $2.66 per gallon gal, up 3 cents. "Definitely both corn and supply issues are at play," said one trade source.
George Orwel can be reached at firstname.lastname@example.org.
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