Spot ethanol prices rose in early trade after federal data showed a steep decline in U.S. ethanol production for the week-ended Jan. 25, trade sources said.
The Energy Information Administration's data showed production of ethanol from plants across the nation dropped 22,000 bpd or 2.8% to 77,000 bpd last week, while down 21.3% compared to a year-ago level.
Four-week average ethanol production was 793,000 bpd, down from 939,000 bpd a year earlier. Also bullish were data showing imports fell drastically while implied demand rose 7,000 or 0.9% to 784,000 bpd. Spot ethanol at Chicago's Argo traded at $2.41 gallon, up 1.37 cents on the day.
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