The slight increase comes as ethanol producers say they are struggling due to small refinery waivers that are diminishing demand for ethanol.
POET, the world’s largest biofuels producer, announced last week it has reduced production at half of its biorefineries, with the largest drops taking place in Iowa and Ohio.
As a result, numerous jobs will be consolidated across POET’s 28 biorefineries and corn processing will drop by an additional 100 million bushels across Iowa, Ohio, Michigan, Indiana, Minnesota, South Dakota and Missouri.
This week, the leadership of the Minnesota Corn Plus ethanol plant in Winnebago announced its closure.
The plant was expected to halt production as early as this week.
The shareholder-owned plant is laying off about 40 employees.
The Renewable Fuels Association and Growth Energy both say the waivers are causing the closures are harming rural America’s economy.
The Trump administration fix to the ethanol market is expected in the next couple of weeks.