Spot ethanol prices weakened in thin early trade Tuesday, pressured by falling Chicago Board of Trade corn futures amid speculation weather would improve next week, allowing farmers to start crop planting in earnest.
Heavy rains in recent days have led to flooding across the Midwest, with several rivers in the region overflowing and some barge shipments along the Mississippi River delayed. Still, the logistical problems caused by the weather are not enough to support ethanol prices today, trade sources said.
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