Spot ethanol prices soared to fresh multi-month highs midweek, rallying after federal data showed domestic ethanol supplies tumbled nearly 4.0% to a 3 1/2-month low of 15.3 million bbl while demand rose. East Coast supplies were drawn down to a record low at 4.5 million bbl.
Prompt Argo ethanol talked at a $2.85 to $2.90 per gallon bid/ask fresh four-month high, up 14.5 cents. CBOT April ethanol futures spiked 11.8 cents to $2.687 per gallon, off a $2.72 per gallon 8 1/2-month high. Prompt New York Harbor ethanol spiked 42.0 cents to $4.00 per gallon, the highest on record.
George Orwel can be reached at email@example.com.
© Copyright 2014 DTN/The Progressive Farmer. All rights reserved.