Biofuel Energy idles Minn. plant
BioFuel Energy Corp., an ethanol production company, announced today that it has decided to idle its Fairmont, Minn., ethanol facility until further notice. The plant ceased ethanol production as of the end of last week. The company reported that its second plant in Wood River, Neb., continues to operate.
"Commodity margins have continued to weaken as the impact of the drought in the Corn Belt continues and ethanol remains in surplus," said Scott H. Pearce, the company's president and CEO. "As a result, our current expectations are that the Fairmont plant will remain idle until we are able to secure local corn at price levels that support better margins. In the meantime, we will not be making any changes to our current operations team so that we can continue to operate the grain elevator and are in a position to re-start the ethanol plant on short notice."
BioFuel Energy currently has two 110 million gallon per year ethanol plants in the Midwestern corn belt. The company's goal is to become a leading ethanol producer in the United States by acquiring, developing, owning and operating ethanol production facilities.