The Corn and ethanol markets continue to plunge lower with the rest of the energy and coarse grain markets.
Ethanol swaps have dropped 28 cents/gal since late November, which would be like equivalent to an 80-85 cents/bu break in corn (yet March corn futures down only 36 cents/bu in that time frame).
Would expect to see ethanol plants start slowing grind rates as ethanol margins push into the red. March corn filled the gap down to
$6.38 today with next major gap at $5.91. For now, the market has stabilized as $6.40 is 50% retracement of the summer rally to the October high in the March contract.