Chicago Argo ethanol prices highest since early March

In Illinois, Platts reports that Chicago Argo ethanol prices have reached $1.2710/gal, the highest seen since early March when the COVID-19 pandemic was starting to ramp up worldwide. It reached an all-time low of 81.05 cents on April 1 but the benchmark indicator for Midwest ethanol prices has increased in six of the last trading sessions. Ethanol producers dropped production by more than 50% to eat up the weight of record supplies in the face of falling demand, but with supplies now under control and demand starting to rise again as the pandemic matures, ethanol prices are rising in tandem.