Ethanol was little changed in Chicago, moving the least in almost two weeks as corn moved less than a penny.
The biofuel gained 0.2 percent, the third straight increase, to end the week with a decline of 0.3 cent after corn erased an intraday increase of 1.1 percent. U.S. ethanol is made from corn and blended into gasoline.
“Today you had very strong movement early on in corn, but you just couldn’t hold it,” said Jerrod Kitt, director of research at Linn Group in Chicago. “You just had no activity, no price movement.”
Denatured ethanol for November delivery climbed 0.5 cent to $2.427 a gallon on the Chicago Board of Trade. The price has risen 10 percent this year.
In cash market trading, ethanol was unchanged at $2.49 a gallon in New York, $2.425 in Chicago and $2.48 on the Gulf Coast. It increased 1 cent to $2.575 on the West Coast.
Corn for December delivery rose 0.75 cent to $7.615 a bushel in Chicago. One bushel of corn makes at least 2.75 gallons of ethanol.
Crude oil for November delivery fell $2.05, or 2.2 percent, to $90.05 a barrel on the New York Mercantile Exchange.
Gasoline for November delivery decreased 4.88 cents to $2.6963 a gallon on the Nymex, narrowing its premium to ethanol to 26.93 cents, the least since Aug. 1. The contract covers reformulated gasoline, made to be blended with ethanol before delivery to filling stations.
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