Spot ethanol prices traded higher Monday as last week's short covering rally continued into the new trade week. The prices were boosted by rising export demand, declining inventory at the Argo supply terminal near Chicago, along with gains for gasoline and corn futures. This was amid talk the Federal Reserve would delay raising short-term interest rates on signs the U.S. economy is being undermined by slowing growth overseas.
Today in-tank transfer at Argo was pegged near $1.60 per gallon for a 1.0-cent gain, while Chicago ethanol under Rule 11 for this week shipment traded at $1.585 per gallon for a 1.5-cents gain. New York Harbor October delivered ethanol barges were talked at $1.70 per gallon for a 3.0-cents gain while Northern California spot prices were talked at $1.77 per gallon for a 2.0-cents gain.
George Orwel can be reached at email@example.com
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