Spot ethanol prices eased in Chicago and New York today as traders booked profits, though the downside was curbed by gains for Chicago Board of Trade corn futures. The main point of interest was the shift that saw Chicago cash ethanol cargoes trading at a 7.0 cents premium to New York barges instead of the usual New York premium.
That's because product shipment delays from plants across the Midwest have led to reduced supply in Chicago, while New York has excess supply, said a trader.
Prompt Argo ethanol traded at $2.32 per gallon, down 0.5 cents. August New York Harbor ethanol barge was pegged at a $2.22 to $2.25 per gallon bid/ask, down 2.5 cents, with September prices at a $2.23 to $2.27 per gallon bid/ask spread.
George Orwel can be reached at email@example.com
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