The only ones not pleased with the drop right now are ethanol producers.
U-S Department of Agriculture Chief Economist Joe Glauber says ethanol competes with gasoline and is a big trader in world markets.
Glauber says, “Ethanol has been very competitive in world markets. Last month we actually had a little bit there when ethanol was trading higher than gasoline. We haven’t seen that in several years.”
Glauber is worried producers may have a difficult time finding buyers. This could also cause a snowball effect. According to the Nebraska Ethanol Board, there are 24 ethanol plants in Nebraska that produce over two billion gallons of product each year. They use more than 700 million bushels of grain to produce that ethanol and farmers rely on that business.