Spot ethanol prices tumbled in Chicago and New York Thursday morning on the back of plunging Chicago Board of Trade corn futures after a report by the U.S. Department of Agriculture said dry weather in the Midwest would allow farmers to finish planting soon, raising the prospect of higher corn and ethanol supply, a trader said. Prompt ethanol at Argo near Chicago traded at $2.27 gallon, down 3.0 cents, while June ethanol barge in the New York Harbor was talked at a $2.18 to $2.22 gallon bid/ask, sliding 9.0 cents on the day.
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