New York Harbor spot prices were under pressure today from rising supply, including imports from Brazil. Federal data set for release Wednesday are expected to show a weekly spike in supply for the week-ended Sept. 7, as domestic plants ramped up production while imports continued to come in from Brazil.
"A lot of gallons are showing up in the New York Harbor from Brazil," said a trader. "On the fundamentals, I don't see a change in the U.S. ethanol market through the end of the year, with a slight production increase, but we have an export seasonal boost in the fourth quarter, especially to Europe."
George Orwel can be reached at email@example.com.
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