31 January 2013 21:52 [Source: ICIS news]
HOUSTON (ICIS)--US ethanol spot prices were lower in 2012 compared with 2011, even though feedstock corn prices were higher and corn supplies were lower as a result of a massive drought, the US Energy Information Adminsitration (EIA) said on Thursday.
Ethanol spot prices were in a range of $2.00-2.61/gal for 2012. The high for 2012 was about 30 cents/gal lower than the peak price of 2011.
“Ethanol prices last year did not rise above 2011 levels until December 2012,” the EIA said. “Higher ethanol prices during the second half of 2012 were mainly the result of higher corn prices, which rose 35% from mid-June through August because of concerns that the corn crop would be affected by the worst drought in the Midwest since the 1950s, coupled with triple-digit temperatures.”
Additionally, ethanol output fell in the second half of 2012 to 815,000 bbl/day, which is 90,000 bbl/day less than the same period in 2011.
Chicago ethanol spot prices were assessed at $2.42-2.44/gal, according to ICIS.
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