Spot ethanol prices slumped again for the fifth straight session Tuesday ahead of federal data for the week-ended May 2 due out midmorning tomorrow that could be bearish.
It's been a choppy session, and it's becoming hard to find buyers, forcing sellers to drop bids. Ethanol has come under pressure since Apr. 30 after federal data showed supply was running well ahead of demand.
Ethanol for today transfer at the Argo was talked at a $2.00 to $2.07 per gallon bid/ask, down 1.5 cents, with May ethanol barge at the New York Harbor talked at a $2.04 to $2.08 per gallon bid/ask, down 4.0 cents. California delivered ethanol was seen at a $2.13 to $2.22 per gallon bid/ask, down 6.5 cents.
George Orwel can be reached at firstname.lastname@example.org
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