Argo, NYH Ethanol Flat while Corn Futures Sink to 4wks Low
11/19 4:37 PM
Argo, NYH Ethanol Flat while Corn Futures Sink to 4wks Low WASHINGTON, D.C. (DTN) -- Spot ethanol prices at the Kinder Morgan operated Argo terminal and in New York Harbor traded flat during a quiet opening session to a holiday shortened trade week, while CBOT corn futures ended the session at a four-week low on the spot continuous chart. In futures trade, Chicago Board of Trade December corn futures lost 2.4cts to $3.622 bushel, while prices appeared to have stalled in quiet trading. Despite the seasonal uptrend, corn prices have remained depressed due to combination of factors, including strong crop yields and concerns over a slowing world economy. U.S. Department of Agriculture's crop progress report released Monday afternoon shows the corn harvest at 90% complete in the week ending Nov. 18, up 6% from the previous week while the harvest outpaced last year by 1% and was 3% lower the five-year average of 93%. Nine percent of the crop was still unharvested in Iowa, and 12% of Nebraska's corn was still in the field. After steep losses last week that pressured ethanol futures to multi-month lows, the December CBOT ethanol contract traded mixed with a downside bias throughout the session, and ended the day 1.0cts lower at $1.254 gallon. The New York Mercantile Exchange December RBOB futures ended higher for a second straight session, up 0.59cts to settle at $1.5829 gallon. In physical trade, sources pegged prompt ethanol at the Kinder Morgan-operated terminal in Chicago at $2.450 gallon, flat on the session while Argo November anys were offered at $1.2450 by $1.2600. Spot product for this week shipment under Rule 11 rail terms was talked at $1.2500 gallon, a 0.5cts loss from the prior trading session. At the New York Harbor, spot ethanol traded flat on the session at $1.3500, while West Coast product suffered a steep loss of 4.0cts to reach $1.3350 a gallon. In the compliance credits market, D6 2018 Renewable Identification Numbers traded flat at 8.50cts while 2019 RINs gained 0.13cts to 12.63cts. Liubov Georges, 1.646.359.4088,, (c) 2018 DTN. All rights reserved.
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