February production of corn-based ethanol in the US lowered by 125.01 million gallons, or 10.76%, to an 11-month low of 1.04 billion gallons, US Environmental Protection Agency data showed Friday. The drop in ethanol production was unsurprising to sources as delayed rail return times to plants forced reduced run rates and a significant drop in production. “If you think those numbers are nuts, wait until March comes out,” one trader said. “We’ll be lucky if we hit 900 [million gallons].” US ethanol prices have soared in recent weeks as supply concerns continue to send a resounding bullish sentiment throughout the market. Delayed return times on railcar deliveries, caused primarily by severe freezing weather and a higher demand for railcar space, was the root of the price surge throughout February, sources said. The Platts Chicago Argo ethanol assessment hit $3.24/gal Friday, up $1.1850/gal from a […]