U.S. biofuel industry seeks bailout funds
Naturally, the U.S. biofuel industry is asking for bailout funds to survive a slump caused by the Covid-19 outbreak. The funds would be used for direct assistance to retain staff, or help offset a portion of the industry’s corn and soybean purchases, Reuters reports. A letter addressed to Agriculture Secretary Sonny Perdue, which contained signatures by representatives of the nation’s top biofuel trade groups, claims nearly 3.5 billion gallons of ethanol gas output has stalled due to decreased travel. The U.S. ethanol industry accounts for about 40 percent of U.S. corn demand, for better or for worse.