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Spot Ethanol Prices Move Higher, Corn Futures End Lower
8/19 4:56 PM
Spot Ethanol Prices Move Higher, Corn Futures End Lower WASHINGTON, D.C. (DTN) -- Spot ethanol prices across the main trade markets ended the new week higher, with product in Argo terminal in Chicago widening its discount to New York Harbor to 12.3cts, while Chicago Board of Trade feedstock September corn futures fell 1.62% on the session. CBOT September corn futures shed 6cts Monday afternoon to settle at $3.650 a bushel, offsetting some of the gains from late last week after weekend rain in parts of the eastern Corn Belt while rain is forecast this week for the western and southern states. "Fundamentally speaking, the outlook for corn prices is neutral at these lower levels with yield yet to be determined. Technically, the trend in cash corn remains down." Said DTN Analyst Todd Hultman. CBOT front month ethanol futures declined about 1% to $1.291 a gallon and the New York Mercantile Exchange September RBOB contract gained 0.76cts to $1.6644 a gallon as oil futures held higher. Spot ethanol values across the country gained with the biggest move posted in New York Harbor, up 6.5cts to $1.4350 gallon. Spot ethanol in Argo hub in Chicago was last indexed 4.7cts higher at $1.3120 gallon, while product moved under Rule 11 rail terms advanced 1.25cts to $1.3275 gallon. West Coast spot ethanol gained 3.5cts to $1.550 gallon and Pacific Northwest ethanol posted a 3cts gain to $1.47 gallon. Sources pegged spot ethanol in Gulf Coast 3cts higher at $1.4050 gallon. In Monday afternoon discussion, sources reported ethanol 2019 D6 RINs at 11.25cts, unchanged from the session prior while 2018 D6 RINs traded as low as 3.75cts. D4 2019 biomass-based diesel RINs advanced 0.50cts to 43.75cts and D4 2018 RINs gained a like amount to 32.50cts. Liubov Georges, 1.646.359.4088, liubov.georges@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.