DTN Daily Ethanol Comments
Ethanol RINS were lower and ethanol cash prices were higher. December corn closed down 5 cents per bushel at $4.18 and March corn was down 4 3/4 cents at $4.36.
DTN Daily Ethanol Comments
In Sept. 2 compliance credits trade, 2025 D6 renewable identification numbers (RINs) were down $0.0420 at $1.0410, and 2024 D6 RINs were down $0.0550 at $1.0200. The 2025 D4 RINs were down $0.0590 at $1.1060, and 2024 D4 RINs were down $0.0450 at $1.0200.
Spot ethanol cash prices were sharply higher, with New York Harbor up $0.1975 at $2.2300, prompt-delivered ethanol to Kinder Morgan’s Argo terminal in Chicago was up $0.1420 at $2.0945, and Chicago rail via Rule 11 was up $0.1505 at $2.1200.
The Daily Ethanol State Average cash price is $2.3180 per gallon, up 0.0707 versus the prior trading day.
December corn closed down 5 cents per bushel at $4.18 and March corn was down 4 3/4 cents at $4.36, closing lower and following Soybeans and Chicago wheat. If you look at the stockpile of wheat in the world, you should know that some of it is feed wheat quality, either low protein or other issues, so corn needs to stay close to wheat prices. Once again, the market doesn’t seem too concerned about the upcoming freeze event in the northern plains, but farmers say it will be disruptive for their crops if it does freeze. The USDA weekly crop report showed corn conditions declined 2 percentage points to 69% good to excellent. USDA said only 15% of the U.S. was mature as of Aug. 31, so even if it doesn’t freeze, the cold weather, especially at night and in the mornings, will not be helpful to the crop.
NYMEX WTI October futures contract was down $1.62 at $63.97 per bbl, while the November futures contract was down $1.51 at $65.08 per bbl, erasing gains from Tuesday. Crude oil tumbled on renewed concern the OPEC+ meeting this weekend may end with another hike in production, meaning supplies of crude will grow and the market will be oversupplied.
October RBOB closed down $0.0308 per gallon at $2.0120, and November RBOB was down $0.0300 per gallon at $1.9511, closing lower with the losses in crude oil. The Sept. 3 AAA national average gas prices are $3.190 per gallon for regular, $3.704 for diesel and $2.593 for E85.
Mary Kennedy can be reached at mary.kennedy@dtn.com
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