The Chicago and New York Harbor cash markets retreated in early trade Monday as a dearth of short-term buying interest combined with weaker Chicago Board of Trade corn futures to press spot prices lower.
A trade source also pointed to record high inventories in the Midwest region for the lower priced market.
Prompt delivered ethanol at the Argo terminal in the Chicago market was pegged at $1.50 per gallon for a 3.25-cent loss on the session. April barged ethanol at the New York Harbor was valued at $1.6075 per gallon for a 1.25-cent session loss.
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