Spot ethanol prices spiraled lower Wednesday after data showed U.S. ethanol production increased to a record high last week, rising 28,000 bpd or 3.0% to 972,000 bpd during the week-ended June 13.
"Everything is coming off hearing there is too much production," said a broker. Today ethanol at Argo talked at a $2.10 to $2.12 per gallon bid/ask, down 7.0 cents.
Northern California ethanol for prompt delivery traded at $2.37 per gallon, down 2.0 cents. June New York Harbor ethanol barge talked at $2.18 per gallon, down 2.0 cents.
George Orwel can be reached at firstname.lastname@example.org
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