Ethanol Market Update - 9/11/25

Overview

Executive Summary

Ethanol futures eased further today, with September settling at $1.955, while the Q4 average printed at $1.7825, maintaining a ~16.75¢ premium to Q1.

Production remained steady near 398,500 MMBTU, with utilization at 70%. The largest plant-level gain came from Glacial Lakes Energy – Watertown, while Marquis Energy – Illinois posted the largest drop.

• Daily Production: ~398,500 MMBTU

• 7-Day Avg: ~399,500 MMBTU

• Utilization: 70%

• Largest Increase: Glacial Lakes Energy – Watertown

• Largest Decrease: Marquis Energy – Illinois

Production Overview

Futures & Cash Settlements – 9/11

Ethanol CU Contract

Key Curves:

• Q4 (Oct–Dec): 1.7825

• Q1 (Jan–Mar): 1.6150

• Q2 (Apr–Jun): 1.6600

• 1H Avg: 1.6375

• Q4/Q1 Spread: +0.1675

• Q1/Q2 Spread: –0.0450

EZ/CU Contract

• Sep: 2.0700 (+0.1150)

• Oct: 2.0225 (+0.1225)

• Nov: 1.9025 (+0.1225)

Argo Market

• Prompt: 1.9190

• Sep: 1.9275 (+0.0875)

• Oct: 1.8400 (+0.1150)

• Nov: 1.7250 (+0.0875)

• Dec: 1.6375 (+0.0300)

NYH Market

• Sep: 2.0945 (+0.0370 vs Oct | +0.1025 CU)

• Oct: 2.0575 (+0.0475 | +0.1025 CU)

• Nov: 2.0100 (+0.1200 | +0.1100 CU)

• Dec: 1.8900 (+0.1100 | +0.1100 CU)

ITT Contract

• Sep: 2.0650 (+0.1100 | +0.0550 spread)

• Oct: 2.0100 (+0.1100 | +0.1200 spread)

• Nov: 1.8900 (+0.1100 | +0.1100 spread)

• Dec: 1.7800 (+0.1100 | +0.0650 spread)

R11 Prompt Market

• TWS: 1.965

• NWS: 1.995

• Sep: 1.955

Technicals

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