US ethanol spot prices surge as corn rises, supplies fall

01 May 2013 21:54  [Source: ICIS news]

HOUSTON (ICIS)--US fuel ethanol spot prices were assessed higher on Wednesday week on week as higher corn prices and lower inventories provided upward support.

Midwest prices rose to $2.62-2.63/gal, compared with $2.48-2.50/gal last week, while Chicago prices were also higher at $2.57-2.58/gal, compared with $2.43-2.45/gal last week.

Southern California spot prices rose to $2.73-2.76/gal from $2.69-2.71/gal, and New York Harbor prices rose to $2.70-2.72/gal from $2.61-2.62/gal the previous week.

Corn futures for the prompt May contract were higher, settling at $6.82/bushel, compared with $6.39/bushel on 24 April.

Ethanol inventories fell, and there were no imports for the week ended on 26 April, according to the US Energy Information Administration (EIA).

By: Bobbie Clark
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