FAPRI sees ethanol production falling to 14.8B gallons

In Washington, Reuters reports that the FAPRI think tank at the University of Missouri believes ethanol production could drop 1.4 billion gallons this year to 14.8 billion gallons as drivers stay off the road in an effort to slow the spread of COVID-19. That cut in production would lead to demand destruction for 500 million bushels corn. Overall, the think tank expects virus-related impacts to cause farm incomes to drop by 12% this year, a fall of $20 billion, while the White House announced a bailout of $15 billion.