IMHO: REX (great quarterly earnings today) and PEIX (great quarterly earnings next month) may be getting pressured today because forward-looking commodity-sensitive investors show concern that ethanol price trend may have reversed to the downside, so the great recent margins are not a certainty going forward.
Regardless of a great quarter, commodity-sensitive investors KNOW that the recent record ethanol prices will go down over the next few months. There is also much uncertainty over future corn prices and the potential that the corn crush spread gets squeezed like a lemon.
In other words, one could explain REX and PEIX prices today with that old idiom: "the market doesn't like uncertainty".
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