Spot ethanol prices extended higher Friday alongside Chicago Board of Trade corn futures amid talk of short-covering ahead of the weekend. Short covering in corn is helping ethanol, "but also we have some ethanol plants shutting down because margins are terrible," said a trade source.
Physical ethanol for prompt transfer at the Argo terminal near Chicago traded at $1.305 and $1.31 per gallon, up 0.75 cents. January barged ethanol at the New York Harbor was seen at $1.40 per gallon for a 1.50-cents gain. Pacific Northwest spot ethanol was pegged at $1.435 per gallon for a 2.5-cents gain.
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