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.
George Orwel can be reached at email@example.com
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