POET says cuts U.S. corn buying over slumping biofuel demand

Source: By Jarrett Renshaw, Reuters • Posted: Tuesday, March 24, 2020

March 23 (Reuters) – U.S. ethanol producer POET said on Monday that it has suspended corn buying “at a number of locations” due to weak biofuel demand and is evaluating its production levels.

“POET has not idled any biorefineries; however, we have temporarily ceased corn purchases at a number of locations and are actively evaluating biofuel production levels to reflect falling gasoline demand,” said spokeswoman Jessica Sexe.

Demand for motor fuels has fallen dramatically due to the coronavirus pandemic, which has led public officials to recommend that people stay home. (Reporting by Jarrett Renshaw; editing by Richard Valdmanis and Jonathan Oatis)