Spot ethanol prices declined again early Wednesday on building ethanol supply for the week-ended Nov. 10.
Spot ethanol prices extended lower for the third straight day Wednesday after the Energy Information Administration reported that fuel ethanol stocks rose last week while blending demand held steady, with sources saying that supply and production remain high despite a dip in domestic plant output for the week-ended Nov. 10. The agency said ethanol stocks rose 200,000 bbl to 21.5 million bbl, up 2.9 million bbl or 15.6% year-on-year.
December swaps traded at $1.385 gallon, down 1.5cts on the session. Prompt delivered physical ethanol at the Argo terminal in the Chicago cash market traded at $1.38 gallon, down 0.5cts. November barged ethanol at the New York Harbor was talked at $1.46 gallon, down 1.0cts. Northern California spot ethanol prices were pegged at a $1.50 to $1.52 gallon bid/ask, down 2.0cts.
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