Chicago Argo ethanol prices slump on low corn prices while waiting for RFS decision

In Illinois, the lowest corn prices so far this year and hesitation in the ethanol market as participants wait for news on the final blending mandate for 2014-2016 from the EPA is weighing on Chicago Argo ethanol prices. In a bid-ask range on Monday of $1.4675-$1.4750/gal, prices are acting sluggish. Buyers still have to blend ethanol in the short term but longer-term purchases will likely be delayed until the last minute if they haven’t bought already when the EPA announces before the end of November.