Ethanol Futures Hold Steady in Chicago as Corn Moves Little
Ethanol was little changed in Chicago as corn moved the least in almost two weeks.
The biofuel fell 0.1 percent, declining for the first time in four days, as corn decreased 0.25 cent. U.S. ethanol, which is made from corn and blended into gasoline, has ranged from $2.37 to $2.443 in the past week.
“We’re in kind of a holding pattern, bouncing around a fairly narrow range,” said Chris Wilson, an analyst at Atten Babler Risk Management LLC in Galena, Illinois. “There’s really not a whole lot of news.”
Denatured ethanol for November delivery decreased 0.2 cent to $2.425 a gallon on the Chicago Board of Trade. The price has risen 10 percent this year.
Corn for December delivery fell 0.25 cent to $7.6125 a bushel in Chicago. One bushel of corn makes at least 2.75 gallons of ethanol.
Crude oil for November delivery sank $1.32, or 1.5 percent, to $88.73 a barrel on the New York Mercantile Exchange.
Gasoline for November delivery declined 4.88 cents, or 1.8 percent, to $2.6475 a gallon on the Nymex. The contract covers reformulated gasoline, made to be blended with ethanol before delivery to filling stations.
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