Ethanol crush spreads in the tank
Written on the original Movable Type site and recovered from the Internet Archive.
They are now effectively negative. It is not just high corn. Corn has actually not gone up that much relative to other commodities. The problem is that the sales price of ethanol has not kept up with the RBOB. See the next slide on the fact the US is WAY long on Ethanol. WAY too much capacity, allowing oil companies to bid down ethanol.
