Ethanol Blog
George Orwel DTN Energy Reporter

Tuesday 11/26/13

Profit Taking, Lower Corn Futures Pressure Spot Ethanol Prices

Spot ethanol prices moved lower for a second day Tuesday, plunging as much as 9cts at most hubs as profit-taking continued, with losses for corn futures also weighing down ethanol prices.

"It was overdone [last week]," said a broker, speaking of a short squeeze that spiked values.

Chicago Mercantile Exchange corn futures fell on expectations that higher production in South America would ease global corn supply concerns, allowing more U.S. corn to be used for making ethanol.

New York Harbor barged December ethanol traded at $2.42 per gallon, down 3cts on the day, while November barged Harbor ethanol was pegged at $2.56 per gallon, down 9cts. Prompt Argo ethanol was bid at $2.55 per gallon, down 9cts on the day, while any November transfer ethanol was pegged at $2.40 per gallon, down 5cts on the day.

George Orwel can be reached at george.orwel@telventdtn.com.

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Posted at 10:54AM CST 11/26/13 by George Orwel
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