Spot ethanol prices stretched losses early Wednesday, with values for Argo physical product down to a five-week low while Chicago paper prices tumbled to a seven-week low after data from Energy Information Administration reported U.S. ethanol production rose a four-month high during the week-ended Apr. 11. The data showing output rose 43,000 barrels per day (bpd), or 4.8%, to 939,000 bpd and demand eased 0.5% pressured bids lower in certain markets while triggering selling in others, a trade source said. Argo prompt ethanol was pegged at $2.425 gallon, down 12.5 cents, with May ethanol New York Harbor barge traded at $2.45 gallon, down 5.0 cents.
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