Ethanol prices fall again to new record of 70 cents per gallon

In Iowa, Successful Farming reports that IHS Markit Watch says ethanol prices have fallen to a new all-time low of just 70 cents per gallon, a drop of 21 cents in a single day. Ethanol was trading at a 33 cent premium to gasoline rather than a discount at the time of publishing Wednesday. Analysts at the University of Illinois’ farmdocdaily website estimate that falling demand for ethanol could cut corn demand by up to 170 million bushels over the next two months if oil industry experts’ prediction that gasoline demand could fall by 20% over the period comes to pass. No ethanol plant closures have been formally announced but there are already unconfirmed reports of closures.