Ethanol Plants on Verge of Shuttering Production
Corn could have weaker demand in 2020 as well
With COVID-19 prevention restrictions keeping people off of the roads, fewer drivers are getting behind the wheel to go to work or run daily errands -- and it’s eating into ethanol outlooks. Some ethanol plants are considering shutting down, and one ethanol leader saying the industry is in "dire straits," reports AgWeb.
“I think if what we're hearing anecdotally about people driving less and the falling gasoline demand is real, and I think we'll see some ethanol plants close,” Seth Meyer, an economist with the University of Missouri, told AgWeb.
Concerns of waning ethanol demand and plants possibly shutting down, means corn could have weaker demand in 2020, as well.
Read the full report here.