European ethanol arbitrage window opens up with Brazil as US closes

In the Netherlands, an arbitrage window with Brazil has opened up and is now weighing on ethanol prices in Europe, rather than the US whose earlier, smaller arbitrage window was having similar effects. With the US having to pay higher taxes for entry into the European market, although Brazilian ethanol is technically more expensive, delivery from March onwards is cheaper than US product. Currency fluctuations with the Real vs. the dollar could also help to make Brazilian product cheap enough to enter the European market.