The Chicago and New York Harbor spot ethanol markets weakened Wednesday despite weekly data from the Energy Information Administration showing declines for ethanol inventory and plant production. The agency said fuel ethanol stocks again to 21.3 million bbl during the week-ended Aug. 25, although were 400,000 bbl or 1.9% higher on the year.
Plant production fell 10,000 bpd or 1.0% to 1.042 million bpd, while up 19,000 bpd or 1.9% year-on-year.
Still, trade sources said production remains high for this time of year. "[This] marks the highest [four-week] average in 22 weeks," said Geoff Cooper, vice president for research at Renewable Fuel Association.
Prompt ethanol supply at the Argo terminal in the Chicago market was talked at a $1.51 to $1.52 per gallon bid/ask, down 2.5 cents, and September barged ethanol at the New York Harbor was talked at a $1.55 to $1.58 per gallon bid/ask, down 1.5 cents.
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