Spot ethanol prices at the Kinder Morgan operated Argo supply hub gained 2.0cts to $1.5250 gallon in early afternoon discussion Tuesday, finding support from a reversal in corn futures traded on the Chicago Board of Trade that dropped 10.4cts bushel on Monday. Corn futures advanced Tuesday, up 2.6cts to $3.80 bushel, after the U.S. Department of Agriculture lowered its corn crop rating to the lowest level in four years. In the Chicago rail market, ethanol under Rule 11 terms was talked at $1.50 by $1.52 gallon, up 2.0cts, with June ethanol barges at the New York Harbor indexed $1.57 by $1.595 for a gain of 1.25cts on the session.
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