Active up-and-down movements in corn markets over the last couple of days have done very little to encourage ethanol or energy traders as a whole to step back into the market. Ethanol futures have moved just a fraction of a cent per gallon in all contracts. Nearby futures closed 0.3 to 0.4 cents per gallon higher Tuesday, while all other 2014 contracts closed steady to 0.9 cents per gallon lower. Active pressure in corn markets is once again driven by the idea that additional harvest activity will take place this week. Traders are uncertain just how the additional harvest will impact overall ethanol market direction through the upcoming weeks and months. Ethanol futures continue to trade nearly $1 per gallon under RBOB gasoline futures, but are still unable to draw buyers back into the market. Trade volume is likely to remain sluggish through most of the week, which could keep prices in a narrow range.
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