Prompt delivered ethanol at the Argo hub near Chicago was talked 4 cents higher at $1.87 to $1.90 per gallon in early afternoon trade, climbing after the Energy Information Administration detailed a large 300,000 bbl drop in Midwest ethanol supply for the week-ended Jan. 24 from a 9 1/2-month high to 6.2 million bbl.
Midwest supply the week prior was built up when heavy snow delayed shipments from plants in the region to markets across the country. The data comes a day after Argo spot ethanol prices were boosted by speculation two plants in Wisconsin either shut down or reduced runs due to natural gas shortages.
Chicago ethanol traded under Rule 11 for shipment this week to the East and Gulf coasts was talked at $2.04 to $2.09 per gallon, up 1.5 cents on the day. In swaps trade, February delivered ethanol in Chicago traded at $1.78 and $1.79 per gallon.
George Orwel can be reached at email@example.com
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