Chicago Argo ethanol prices reach 20-month high as rain keeps farmers from planting corn

In Illinois, Platts reports that Chicago Argo ethanol prices rose to $1.5295/gal on Thursday, the highest seen in 20 months, and 18.20 cents higher since May 23. On May 28, the fuel rose 9 cents a gallon in a single day. With wet weather in the Midwest keeping farmers from planting corn, corn prices have shot up by 91.75 cents/bushel since May 9, pushing ethanol prices higher along with it. Farmers will soon have to decide if they’re going to plant at all this year, and, if so, whether it will be corn or switch to soybeans.