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- Ethanol Market Update - 9/24/25
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September 25, 2025
Overview
Futures Recap (CU Contract)
Sep ’25: $1.975 (+9¢ vs Oct)
Oct ’25: $1.885 (+8.25¢ vs Nov)
Nov ’25: $1.8025 (+11¢ vs Dec)
Dec ’25: $1.6925 (+7¢ vs Jan)
Quarterly Curves
Q4 ’25: $1.7925
Q1 ’26: $1.635
Q2 ’26: $1.6925
1H ’26: $1.665
Q4/Q1 Spread: +15.75¢
Q1/Q2 Spread: –5.75¢
📉 Takeaway: The CU curve remains backwardated, though spreads narrowed compared with last week as front-end strength eases slightly.
Regional & Cash Markets
Argo
Prompt: $1.898
Sep: $1.93 (+8.5¢ vs Oct)
Oct: $1.845 (+9.75¢ vs Nov)
Nov: $1.7475 (+9¢ vs Dec)
Dec: $1.6575
NYH
Sep: $2.019 (–5.85¢ vs Oct, ~10¢ over CU)
Oct: $2.0775 (+8.25¢ vs Nov, +10.25¢ CU)
Nov: $1.995 (+8.25¢ vs Dec, +11¢ CU)
Dec: $1.9125 (+11¢ vs Jan, +11¢ CU)
EZ/CU
Sep: $2.075 (+10¢ CU)
Oct: $2.0125 (+12.75¢ CU)
Nov: $1.93 (+12.75¢ CU)
ITT
Sep: $2.085 (+11¢ CU)
Oct: $1.995 (+11¢ CU)
Nov: $1.9125 (+11¢ CU)
Dec: $1.8025 (+11¢ CU)
R11 Prompt
TWS: $1.8975
NWS: $1.9275
Sep: $1.975
Technicals
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Disclaimer
The Coolidge Report is published by Coolidge Shop LLC and is intended for informational purposes only. This report does not constitute trading recommendations, financial advice, or an offer to buy or sell any commodity. While efforts are made to ensure accuracy, Coolidge Shop LLC makes no warranties regarding completeness or reliability. Coolidge Shop LLC is not registered as a Commodity Trading Advisor (CTA) with the CFTC, and this report should not be interpreted as a solicitation to engage in futures or derivatives trading.
This article and its contents are provided by Liquidity Energy, LLC ("The Firm") for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any commodity, futures contract, option contract, or other transaction. Although any statements of fact have been obtained from and are based on sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed.
Commodity trading involves risks, and you should fully understand those risks prior to trading. Liquidity Energy LLC and its affiliates assume no liability for the use of any information contained herein. Neither the information nor any opinion expressed shall be construed as an offer to buy or sell any futures or options on futures contracts. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. Any opinions expressed herein are subject to change without notice, are that of the individual, and not necessarily the opinion of Liquidity Energy LLC
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