21 August 2013 23:00 [Source: ICIS news]
HOUSTON (ICIS)--US fuel ethanol spot prices were assessed higher week on week on Wednesday, as corn futures moved up by 7%.
Corn futures settled at $4.98/bushel, up from $4.65/bushel on 14 August.
Abnormal weather patterns have weakened supply estimates across the country.
Additionally, civil unrest in the Middle East has pushed crude futures lower, which may have a trickle-down effect on commodities, an analyst said.
Ethanol demand has been stronger during the past week, as many market players have started buying spot ethanol in anticipation of a busy US Labor Day holiday coming the last weekend in August.
Prices in the Midwest were up to $2.42-2.44/gal from $2.32-2.33/gal. Chicago prices were up to $2.37-2.39/gal from $2.27-2.28/gal.
Southern California prices were up to $2.59-2.60/gal from $2.49-2.50/gal, while New York Harbor (NYH) prices were up to $2.57-2.58/gal from $2.47-2.49/gal.
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