Spot ethanol prices tumbled in Chicago Tuesday on the back of falling corn futures on the Chicago Board of Trade. Traders moved to reduce their risk exposure ahead of a report due out Wednesday morning from the U.S. Department of Agriculture that's expected to show a big crop this year.
"It's just position squaring before tomorrow," said analyst Brendan Marshall. Sources said today transfer ethanol at the Argo terminal near Chicago traded at $2.215 per gallon, down 3.5 cents for the day.
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