Nearby ethanol futures posted aggressive buyer support Wednesday afternoon following a strong double-digit rally which quickly stepped back into the ethanol complex. Traders seemed to overlook a weekly boost in ethanol inventory levels of 0.5% at the end of last week in the latest EIA report. Overall ethanol production has fallen for the last three weeks, according to the latest EIA report. May and June ethanol futures settled 3.9 cents per gallon higher, pushing spot-month May futures to $1.554 per gallon. May through September contracts posted double-digit gains as aggressive market support quickly redeveloped through the complex, helping to spur long-term support into the complex. Quiet trade is seen through RBOB gasoline and crude oil markets with extremely narrow trading ranges following little additional market direction from either the morning EIA report or outside market factors.
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