Spot ethanol prices accelerated downwards in early afternoon trade Tuesday on speculation a federal inventory report due out Wednesday would show rising domestic ethanol supplies.
The market doesn't have excess supply, but stocks have been building recently. One trader said he expected total U.S. inventories to have posted a build during the week-ended Oct. 25, while another said he expected production by U.S. plants to have ramped up for the week.
Prompt Argo ethanol was last talked at a $1.90 to $1.92 per gallon bid/ask spread for a loss of 4.0 cents, while New York Harbor ethanol barge was last talked at a $2.06 to $2.08 per gallon bid/ask spread, down 5.0 cents on the session.
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