Korea B-grade indications are drifting slightly higher as liquidity shows signs of improvement in the wake of Singapore’s extended public holiday. Offers on Wednesday were seen above 490USD/m3, nudging PRIMA’s assessment of fair spot value to 487 USD/m3. Brazilian FOB Santos B-grade ethanol offers have also shifted upwards, being offered at 420 USD/m3 today. Big delays in shipments are being seen from Santos and Houston at the moment, with up to 2 week delays from Houston and even longer from Brazil. The US EIA released their short term energy outlook yesterday, detailing how new RFS targets are expected to boost US imports of Brazilian ethanol, and a fall in net export expectations to 43,000bbl/d in 2015 and 37,000bbl/d in 2016. US ethanol prices still look set to trend lower, although the immediate trading picture is mixed.