Spot ethanol prices rallied Wednesday, with Chicago and New York Harbor values trading 4.5 cents higher each amid short-covering before the end of the May trading month, with gains for corn futures also supporting the cash market.
In cash trade, prompt ethanol supply at the Argo hub in Chicago cash market was bid at $1.5375 without a trade, said a source, with supply for delivery later this week was seen at $1.54 per gallon for a 4.5-cent gain, and the highest assessment for the Argo market in a month. In the rail market, ethanol under Rule 11 terms for shipment this week changed hands at $1.525 per gallon, up 6.5 cents. June fuel ethanol barges at the New York Harbor traded at $1.61 per gallon for a 4.5-cent gain on the session.
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