Spot ethanol prices started trading strong earlier this morning, but retreated after a federal report showed domestic ethanol production surged to the highest level on record last week.
The Energy Information Administration reports ethanol stocks rose last week by 378,000 bbl to a four-month high of 19.627 million bbl, as output soared 33,000 bpd or 3.4% to 1.008 million bpd.
Today ethanol at the Argo hub near Chicago traded at $1.525 per gallon before the data, thereafter at $1.50 per gallon, down 1.5 cents on the day.
New York Harbor December barges were talked at $1.575 per gallon, down 2.5 cents.
George Orwel can be reached at firstname.lastname@example.org
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