Tuesday, POET announced it will idle production at its bioprocessing facilities in three locations and delay the startup of a new plant. The company says this is directly related to the economic fallout from COVID-19.
With a large increase in corn acres, and declining ethanol demand, the U.S. could be swimming in supplies. That’s why one analyst thinks there's downside price risk with putting corn in the ground this year.
The U.S. biofuel industry has asked the Trump administration for funds from the U.S. Department of Agriculture's Commodity Credit Corporation to help it survive a demand slump triggered by the coronavirus outbreak.
In Tuesday’s Prospective Planting report from USDA, corn and soybean acres are both expected to jump from 2019 levels. Last year’s prevent plant undoubtedly had an impact on states that will be up in planted acres.