Argo spot ethanol prices fell in value this afternoon after the release of the United States Department of Agriculture crop report showing more stocks than expected.
"It was the last stand of the bulls," commented Jerrod Kitt strategist for the Linn Group, Chicago, Ill.
The USDA report shows corn stocks at 3.854 billion bushels, more than the 3.7 billion expected by the market.
At the Chicago Argo main trading hub for ethanol, spot ethanol traded at $2.10 gallon twice, then traded at $2.12 before retreating to a $2.07/2.09 bid/ask price.
Myke Feinman can be reached at email@example.com.