SIOUX FALLS, S.D. – The nation’s largest ethanol producer, Poet, suspended buying corn at three plants in Minnesota, two in Iowa, and two in South Dakota. The cutbacks were blamed on the COVID-19 virus, which had reduced the miles that Americans put on their cars. Adding to the problem was an oil price war between Saudi Arabia and Russia that has driven down prices. Industry analyst Arlan Suderman said that ethanol margins “absolutely collapsed.” Meanwhile, 20 other POET plants, including one in Preston, Minnesota, continued buying corn. Poet spokesperson Jessica Sexe said, however, that production levels are being “actively evaluated.”
