FOB New York Harbor ethanol backwardation hits high on tight corn supplies

In New York, tight corn availability until the bumper harvest begins in September is causing the highest backwardation Platts has recorded for FOB New York Harbor ethanol since it began tracking prices in September 2010. Backwardation grew from Friday to Monday by 35 cents per gallon to 39.5 cents. The previous high was November 23, 2011 at 39 cents. On Monday, Platts recorded $2.7250/gal for any-September delivery while any-October deliver was heard at $2.33/gal.