Spot ethanol prices continued lower at Argo near Chicago and at the New York Harbor on speculation the market is awash with ethanol in those hubs. There is a dearth of buyers and trade volume was thin early Monday.
"Somebody wanted to push the market lower in Chicago," said a trader. "There's too much ethanol."
Prompt delivered ethanol at Argo terminal traded at $1.34 and $1.32 per gallon while any March prices were talked at a $1.32 to $1.33 per gallon bid/ask spread. Ethanol barges for March shipment to the New York Harbor was bid at $1.385 per gallon without an offer, down 4.5 cents.
George Orwel can be reached at email@example.com.
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