Valero idles ethanol plants and reduces corn purchases at remaining six plants

In Texas, Valero said in an SEC 8-K filing that it has temporarily idled eight of its ethanol plants and reduced the amount of corn feedstock processed at its remaining six ethanol plants to address the decreased demand for ethanol. It said demand for renewable diesel is consistent with the demand for diesel as a whole; therefore, its renewable diesel segment has not been impacted as significantly as our refining and ethanol segment. In all, the company expects $1 billion in losses during Q1 2020 on the back of COVID-19 related events.