Emre Havasi

“As Anne mentioned, we saw improvement in our realized margins during the third quarter, and I want to spend a little time on what drove that performance. The board crush margin is an important reference point, but it is only one component of our realized economics.”

“Combined with a corn crop that continues to impress, ethanol crush margins have expanded in the back half of the calendar year. Industry run rate and yields have stayed high, which as per usual must be assessed on a daily basis to execute our risk management programs, which include active hedging across our platform.”