Chicago Argo ethanol prices sour to two year highs

In Illinois, Platts reports that benchmark Chicago Argo ethanol prices have reached $1.6075/gal, 13.6 cents higher than last week and the highest seen since April 2017. Corn prices have been soaring of late, reaching five-year highs of $4.53/bushel, due to wet weather in the Midwest this spring that has delayed and cut corn plantings, and ethanol prices have followed the feedstock higher. Crush margins have suffered in turn, with margins going as low as negative 4.88 cents/gal in late May and only now creeping back towards positive numbers but still remains below zero.