Spot ethanol prices tumbled in early trade Monday as traders booked profits while expecting federal data would show a rebound in domestic production for last week amid strong producer margins.
"Coverage and hedging is done for the year," said a trader. Ethanol for January barge delivery at the New York Harbor was talked at a $2.35 to $2.37 per gallon bid/ask, down 4.0 cents on the day, while prompt ethanol at the Argo supply hub near Chicago traded at $2.17 gallon for a loss of 9.5 cents. West Coast prices were notionally pegged at $2.55 gallon, down 10.5 cents for the day.
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