Spot ethanol values gained at the Kinder Morgan-operated Argo terminal in early trade Monday as traders moved to cover their short positions after the July 4th holiday weekend, offsetting falling corn and gasoline futures prices. "There are more buyers than sellers," said one Houston-based trader. "There are a few traders who were short, that's why Argo is strong," added an Omaha, Neb.-based trader. Prompt-delivered ethanol at the Argo hub near Chicago traded at $2.17 gallon for a 2.0cts gain, with any July Argo changing hands at $2.08 gallon.
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