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Korea ethanol value drifts as market gears up for China ethanol meeting

A public holiday in Singapore on Friday left value for Korea B-grade ethanol adrift in a thin market, leaving mid-market assessed value flat at 465USD/m3 ahead of next week’s Beijing ethanol forum. Brazilian ethanol looks increasingly attractive to export markets, as Wednesday’s cut in Brazil’s credit rating to junk continues to pummel the Real. Against the dollar the Real slid 2% on Thursday, leaving it down 3% compared to the end of last week. Yesterday’s US EIA report showed ethanol production rising 1% to 958Mbbl/d, and a draw in stocks of 360Mbbl, which would suggest a rise in implied demand. US prices for the Gulf Coast remained flat, with NYH Barge prices only falling slightly. Implied gasoline demand appears to have weakened with production falling to 9,587Mbbl/d and a stock build of 384Mbbl.

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