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| What is the lesson that the fellows in the Dakota's are learning about soybeans right now? It's the simple fact that it doesn't matter how cheap you can grow something , if nobody is willing to buy it, it's not worth anything.
The same situation is building for ethanol. The US ethanol market has been saturated for some time and given modest expansions and improvements the industry has been counting on China imports to expand the market. Now that's been cut off. What do we know about commodities, namely that a small shift in supply or demand can cause dramatic shifts in prices.
Didn't you hear what EPA Administrator Wheeler say a few weeks ago? He said, in effect, nothing is going to change either on E15 or (reading between the lines) RFS corn ethanol mandate. You've put the wolves in charge of the hen house. Who's going to eat the eggs, and eventually eat the chickens?
Just because their little scheme over waivers has been exposed doesn't mean they haven't already cooked up something else. I wouldn't be surprised to eventually learn that the refineries have simply stopped blending or are cheating on their blending rates. Why shouldn't they, there's nobody checking on them or willing to do anything if they did.
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So they took Our best customer China from us and now our next best customer ethanol??
