Spot ethanol prices rose Friday afternoon in Chicago, New York Harbor and along the West Coast on pre-weekend short-covering and higher Chicago Board of Trade corn futures. CBOT July corn futures rallied 10.0 cents to $3.70 bushel after the USDA lowered estimated planted corn acreage.
Traders also are concerned a forecast for dry weather could dent corn yields.
Prompt supply ethanol at the Kinder Morgan-operated Argo terminal traded at $1.4875 gallon, up 1.25 cents, while July ethanol barges at the New York Harbor were pegged at $1.56 gallon, up 1.0 cent. Prompt delivered ethanol supply in California was seen at $1.71 for a 6.0-cent gain on the day.
George Orwel can be reached at firstname.lastname@example.org.
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