Spot Ethanol End Mixed in Lackluster Trade,Corn Sinks 2.92
7/15 4:51 PM
Spot Ethanol End Mixed in Lackluster Trade,Corn Sinks 2.92% WASHINGTON, D.C. (DTN) -- Spot ethanol prices across regional hubs posted various results Monday afternoon, with product at the Argo terminal in Chicago widening its discount to New York Harbor to 13cts on the session. In futures markets, Chicago Board of Trade feedstock corn moved sharply lower amid continued volatility in supply estimates. The CBOT September corn contract plunged 13.2cts to settle at $4.410 bushel, after hitting a three-week high settlement on Friday. The latest price swing in corn markets came on the heels of bearish export figures, showing 26.6 million bushels were inspected last week, which was below the 37.8 million bushels needed each week to reach USDA's export estimate of 2.100 bb. In addition, total inspections for 2018-19 are down 11% from the previous year as we are less than two months away from the end the crop year. CBOT August ethanol futures fell 3.6cts or 2.26% to $1.558 gallon settlement this afternoon. New York Mercantile Exchange August RBOB futures retreated 4.67cts to a $1.9303 gallon settlement following partial production rebound in the U.S. Gulf of Mexico. In physical markets, Argo spot ethanol values ended the session at $1.5400 gallon, down 2.50cts on the session, while spot product delivered under Rule 11 rail terms ended Monday trade a penny lower at $1.57 gallon. New York Harbor weakened 2cts against Friday session and spot ethanol in Gulf Coast was last indexed 2cts lower at $1.67. Spot prices in California were pegged at $1.76, up a penny from Friday. Liubov Georges, 1.646.359.4088, liubov.georges@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.