The main story in June was the rise in US ethanol prices. The poor weather in the Midwest slowed planting of corn significantly. Late planting and less than ideal conditions are expected to cut yields, pushing up the price of corn, and therefore the cost of ethanol.
The rise in US ethanol prices has also provided greater incentives for Brazilian exports to the US and reduced flows in the other direction.
Higher US prices lent support to EU prices but this spike is not expected to last long.
Petrobras appears to be keeping gasoline prices under control thereby creating upside for ethanol parity.
Molasses prices (both beet and cane) have risen steadily in recent weeks.