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Spot Ethanol Prices End Flat to DN on Supply, Corn Futures
4/20 5:17 PM
Spot Ethanol Prices End Flat to DN on Supply, Corn Futures NEW YORK (DTN) -- U.S. spot ethanol prices ended flat to lower Thursday afternoon following a lackluster trade session, with the Chicago and New York Harbor markets pressured lower by losses for the Chicago Board of Trade corn futures and concern over rising ethanol supply in the East Coast and the Midwest. The latest ethanol data from the U.S. Energy Information Administration showed total stockpiles rose last week by 131,000 bbl to 23.034 million bbl while up 4.5% versus a year ago. Production increased 7,000 bpd to 993,000 bpd while up 5.9% on the year. Regionally, Midwest supplies rose 16,000 bbl to 7.94 million bbl, near a record high of 8.6 million bbl posted during the week-ended March 24. East Coast supplies increased by 90,000 bbl to 8.169 million bbl, which is near a one-year high of 8.183 million bbl posted in the week-ended March 31. Chicago Board of Trade corn futures settled 4.0cts lower at $3.576 bushel, near a two-week spot low of $3.572. The New York Mercantile Exchange May RBOB futures contract settled 1.15cts higher at $1.6705 gallon, with June contract up 0.79cts at $1.6713 gallon. CBOT May ethanol futures edged up 0.3cts to $1.62 gallon. CBOT crush spread rose 19cts on the day to $1.10. May swap contracts were pegged at $1.615 gallon, down 0.25cts on the day, with June swaps at $1.5925 gallon, unchanged on the session. In cash trade, prompt fuel ethanol supply at the Argo terminal in the Chicago market traded during the aftermarket window at $1.6075 and $1.6030 gallon. It was last assessed at $1.6025 gallon, down 1.0cts on the day. In the rail transport market, ethanol under Rule 11 terms for shipment this week traded 1.0cts down at $1.585 gallon. On the East Coast, April barged fuel ethanol in the New York Harbor was pegged at $1.665 gallon, down 0.5cts on the day. May barged ethanol was seen at $1.68 gallon, down 0.5cts. The cash markets for West and Gulf coasts were dull, although sources said California spot prices were pegged at $1.76 gallon. On the Gulf Coast, spot prices in Houston were pegged at $1.66 gallon, unchanged on the day. In the credit market, Renewable Identification Numbers were seen flat to lower today, with 2017 D6 renewable RINs trading at 51.25cts for a 0.25cts loss. 2017 D4 biomass-based diesel RINs traded at 99.0cts, $1.00 and at 99.75cts, up 1.0cts on the session. George Orwel, 1.718.522.3969, george.orwel@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.