A January winter storm that dumped up to 11 inches of snow in the New York area disrupted midweek automobile travel and pressed ethanol prices sharply lower during a thinly-traded early Wednesday afternoon trade session. Prices were also down in Chicago as fuel deliveries to the Argo terminal increased, with logistical bottlenecks caused by bad weather two weeks ago now cleared.
Gulf Coast was, however, tight partly on rising export demand, with high paying foreign buyers taking cargoes that would have gone to domestic end users.
Today transfer ethanol at Argo traded at $1.955 per gallon then talked at a $1.93 to $1.95 per gallon bid/ask spread, down 2.5 cents on the day. February New York Harbor ethanol barge traded at $2.26, $2.21 and $2.19 per gallon, down 11.0 cents. Chicago ethanol traded under Rule 11 for this week's delivery to the East Coast traded at $2.09 per gallon, down 6.0 cents.
George Orwel can be reached at email@example.com.
© Copyright 2014 DTN/The Progressive Farmer. All rights reserved.