18 January 2012 22:18 [Source: ICIS news]
HOUSTON (ICIS)--Producers and consumers confirmed on Wednesday first-quarter industrial ethanol contract settlements at declines of 7.50 cents/gal on average, on the back of weaker corn prices early in the fourth-quarter.
Sources said some contract participants saw a 5-cent/gal drop early in negotiations, while others saw a 10-cent/gal decline later on.
The declines were also in line with market expectations and discussions a week earlier.
The decline took 200 proof ethanol contracts to $3.74–3.84/gal, and 190 proof ethanol contracts to $3.54–3.64/gal.
This was down from 200 proof ethanol prices of $3.81–3.91/gal, and 190 proof ethanol prices of $3.61–3.71/gal from the fourth-quarter of 2011.
Industrial ethanol producers did not come out with any price letters for first quarter contracts.
Market participants also said it was too early to discuss second-quarter ethanol contracts.
For more on ethanol visit ICIS chemical intelligence
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