US ethanol wants a home in the Philippines but it’s weighing on prices

In the Philippines, ethanol prices have fallen dramatically in light of significant volumes of US ethanol looking for a home in Asian markets. CIF prices fell to $490/cu m, the lowest since mid-March, from a recent high of $569.33/cu m on June 15. Prices are closely following corn futures south, which matched with export premiums falling by as much as half is making availability too available to keep prices steady. Prices aren’t expected to recover this year.