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AMIS Market Monitor

last release: March 2017

Ethanol Update

  • Ethanol margins changed little in February and remained negative.
  • Ethanol spot and nearby futures prices rose in February even as RBOB gasoline prices declined. Ethanol futures prices have returned to near parity with gasoline.
  • Domestic maize prices were higher as the month began but had begun to ease in the second half, leaving the average maize price up 3 cents for the month. This boosted costs per gallon by 1 cent, offsetting some of the increase in ethanol prices.
  • Prices of DDGs were unchanged and remain at a significant discount to maize prices as supplies increased and trade demand declined.
  • Ethanol production fell in February but continued to remain well above an annual pace of 16 billion gallons on strong export demand.