Spot ethanol prices were mostly lower in muted early trade Thursday after Wednesday's steep rally. Traders were recalibrating their demand and supply outlook, which now appears to be less bullish. A drop in gasoline prices added pressure on ethanol prices, sources said.
Prompt Argo ethanol traded at $2.32 per gallon, up 0.25 cents, while any August prices were talked at $2.22 to $2.25 per gallon bid/ask, down 5 cents. August ethanol barge at the New York Harbor was talked at $2.28 to $2.34 per gallon bid/ask, down 4.0 cents.
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