Spot ethanol prices rallied in busy early afternoon trade, building on Wednesday's gains amid talk of a short squeeze at the Argo terminal near Chicago. "Everyone is watching the Argo fireworks," said a broker.
Trade sources said ethanol for transfer today at Argo traded at $2.75, $2.80, $2.99 per gallon while ethanol for tomorrow transfer traded at $2.95/gallon, with the daily gain at 26.5 cents. Spot ethanol for next week transfer was pegged at $2.40/gallon, while any September traded at $2.22/gallon, up from $2.07 traded a day prior.
George Orwel can be reached at firstname.lastname@example.org
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