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March 24, 2020 | Reuters

POET Cuts Corn Buying Over Slumping Biofuel Demand

Company is evaluating its production levels

Ethanol producer POET said on Monday that it has suspended corn buying “at a number of locations” due to weak biofuel demand and is evaluating its production levels, reports Reuters.

“POET has not idled any biorefineries; however, we have temporarily ceased corn purchases at a number of locations and are actively evaluating biofuel production levels to reflect falling gasoline demand,” Spokeswoman Jessica Sexe told Reuters.

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