U.S. spot ethanol prices moved mostly higher in early afternoon trade on short covering spurred by concerns over tightening supply and gains for Chicago Mercantile Exchange corn futures, with corn futures boosted by strong export demand.
Prompt Argo ethanol edged up 1.0 cent to $1.89 per gallon while prompt ethanol in the New York Harbor delivered by barge was seen at a $2.17 to $2.20 per gallon bid/ask, up 2.5 cents on the day.
Traders await ethanol inventory data due out Wednesday that's expected to show a drawdown in U.S. inventories, driven largely by lower domestic production.
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