Chicago Board of Trade August ethanol futures rallied 3.1 cents to a two-week high of $1.59 per gallon Thursday afternoon on position squaring ahead of the contract's expiration, with the September contract little changed at a 3.5 cents discount to the expiring August contract.
A report on the Politico website that the Trump administration plans to reject a proposal that would change the point of obligation for fuel ethanol blenders may have provided price support for the front-end of the futures curve, said a source.
In physical trade, spot ethanol prices moved higher in the New York Harbor, Houston and California markets Thursday afternoon, with the Chicago market little changed.
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