Spot ethanol prices tumbled Monday afternoon, tracking a retreat by Chicago Mercantile Exchange corn futures despite a federal report lowering ending stocks for corn.
Department of Agriculture's WASDE report cut USDA's projection for ending corn stocks by 25 million bushels to 1.456 billion bushels from month prior while leaving U.S. corn production unchanged at 13.9 billion bushels.
This week transfer ethanol at the Argo terminal near Chicago was talked 6 cents lower at a $2.28 to $2.30 per gallon bid/ask spread. March ethanol barge at the New York Harbor was talked 12.5 cents lower at a $3.40 to $3.45 per gallon bid/ask spread.
George Orwel can be reached at firstname.lastname@example.org
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