26 October 2011 22:32 [Source: ICIS news]
HOUSTON (ICIS)--US fourth-quarter industrial ethanol contract prices were assessed at increases of 11 cents/gal on average on Tuesday, reflecting the recent volatility of corn prices and overall uncertainty regarding the global economy.
The increases took 200 proof ethanol contracts to $3.81–3.91/gal, and 190 proof ethanol contracts to $3.61–3.71/gal.
A couple of producers said they were able to achieve full announced increases of 25 cents/lb, while another producer said it rolled over third-quarter prices into the fourth quarter.
Consumers were divided in their assessments reporting prices 5 cents/gal higher to increases at half of the announced 25 cent/gal nominations.
One producer said it held firm on its 25 cent/gal increase because it bought corn well in advance of its decline seen in the late third quarter, while the producer that rolled prices was able to finalise contracts alongside weaker corn prices with the option to move up prices if corn were to make another major move upward.
($1 = €0.72)For more on ethanol visit ICIS chemical intelligence
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