Ethanol futures continue to remain range bound even though higher early week corn prices are once again giving support to the complex. February ethanol futures posted a 1.5 cent per gallon gain, closing at $1.90 a gallon based on early support in corn prices. Although corn futures slipped back to just a narrow gain by closing bell, early support on the first trading session of February is creating the expectation that additional gains may develop over the next several trading sessions. All other nearby contract months posted moderately more aggressive price support with March futures holding a 2.3 cent per gallon rally as traders once again focus on the potential for increased demand through spring and early summer months. Sharp losses across the stock market impacted overall energy markets, but for now, ethanol futures have been able to shake outside market pressure.
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