Spot ethanol prices in U.S. markets remained under pressure Tuesday afternoon from sliding corn futures, with the July contract on the Chicago Board of Trade tumbling to its lowest value yet at $3.386 bushel, while at a six-month low when considered closest to delivery on the continuous chart. The ongoing selloff in corn futures comes as a trade dispute between the United States and China heats up, while growing conditions are favorable.
In physical trade, prompt ethanol at the Kinder Morgan-operated Argo terminal was talked at $1.370 gallon, down 1.5cts. Ethanol for this week rail shipment under Rule 11 terms traded at $1.40, $1.41 and $1.415 gallon, and talked last at $1.40 gallon, down 2.75cts.
Dawn Gallagher can be reached at firstname.lastname@example.org.
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