Attention in the B-grade Ulsan ethanol market is concentrating on November arrivals, with forward bids sitting at 450USD/m3, and offers at 460USD/m3. With the Brazilian Real weakening against the US dollar, dropping once again to 0.2704 yesterday, and Brazilian anhydrous ethanol prices drifting downwards towards 405USD/m3, spot value for Ulsan B-grade ethanol dropped into the 470s.
Brazilian anhydrous ethanol prices are also drifting downwards towards 425USD/m3. In the US markets, ethanol prices dropped slightly, although nowhere near as much as the surrounding corn and energy markets, which are being weighed down by surrounding macro concerns and volatile energy markets.
Exports of fuel ethanol from the US to South Korea have been increasing this year, up 51% MoM in June, according to the latest EIA exports data.