Spot ethanol prices in the United States were again under pressure early Tuesday afternoon as both the feedstock and end-user markets declined to fresh lows, with trade activity limited in front of Wednesday's release of weekly supply statistics from the Energy Information Administration.
Chicago Board of Trade July corn futures slide 6.0cts to a three-week $3.692 bushel low on favorable growing conditions, while New York Mercantile Exchange July RBOB futures were holding above last week's seven-month low, trading down more than 3.0cts to $1.4165 gallon. Softening gasoline demand and building inventory in June have weighed on the gasoline market.
CBOT July ethanol futures dropped 3.5cts to a $1.515 gallon three-week spot low, paring the decline in early afternoon trade.
In the Chicago market, spot Argo was down for a third day early Tuesday afternoon, slipping 0.5cts to $1.5300 gallon. In the rail transport market, ethanol under Rule 11 terms traded at $1.50 gallon, down 2.5cts to a better than one-week low. New York Harbor June fuel ethanol barges were talked at a one-week low of $1.5750 gallon, down 2.5cts
Dawn Gallagher can be reached at firstname.lastname@example.org.
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