European T2 ethanol weighed down by inbound imports

In the Netherlands, 10,000 cubic meters of ethanol imports from Guatemala scheduled for June 28 and another 7,000 cu m from Peru in late July are expected into Rotterdam which have in turn weighed on European T2 prices, bringing them down to 10-day lows. Traders are trying to wait out backwardation of prices but those prices are expected to be relatively steady through the summer and strong into Q3 as inventories remain low through the rest of the year.