Spot ethanol prices gave up more ground in early trade Thursday, falling by anywhere between 0.5 cents and 2.75 cents in early afternoon trade under pressure from soft Chicago Board of Trade corn futures and New York Mercantile Exchange RBOB futures.
There's growing expectations favorable weather would help produce higher corn yields. Corn is the feedstock for U.S. ethanol. Gasoline stocks also rose 452,000 bbl to 241.5 million bbl for the week-ended July 22, up 11.8% year-over-year, U.S. data showed.
At last look, prompt delivered ethanol at the Argo supply hub in the Chicago market was valued at $1.425 per gallon, down 2.0 cents. August New York Harbor ethanol barges were talked at $1.4875 per gallon, down 2.75 cents. Houston ethanol barges for August were seen at $1.48 per gallon, down 1.5 cents.
George Orwel can be reached at email@example.com.
© Copyright 2016 DTN/The Progressive Farmer. All rights reserved.