U.S. spot ethanol prices fell for the second straight session Tuesday, tracking the falling Chicago Board of Trade corn futures after the U.S. Department of Agriculture's crop progress report showed 71% of the crop was planted as of the week-ended May 19.
That's a faster-than-expected pace of corn planting, easing recent fears about weather-related delays.
Meantime, season demand for ethanol blending is seen picking up. "I think it is picking up based on the holiday weekend, but it sure feels like it's going to come off hard afterwards," said a broker.
George Orwel can be reached at firstname.lastname@example.org.
© Copyright 2013 DTN/The Progressive Farmer. All rights reserved.