Futures were lower in early trading, then rallied on hopes for more ethanol demand and higher petroleum prices. The market is watching Hurricane Irma. Irma appears headed to the southeast US, but might slip into the Gulf of Mexico. It is currently a very powerful hurricane and will cause a lot of damage wherever it roams. on reports of increased producer selling and in response to the weakness in petroleum futures. The problems around Houston have improved as the weather has turned drier, and production and refining will be coming on-line all week. It has been a great recovery considering all of the flooding seen last week. Ideas are that higher petroleum prices that are likely from the hurricane in Houston could mean more demand for ethanol.
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