Strong ethanol demand hasn’t been enough to counteract robust U.S. production as ethanol futures tumbled to levels not seen since 2005, OPIS Biofuels News reported last week.

The August average was likely to settle below $1.40 per gallon for the first time  since the contract began 2005, OPIS reported. 

Data from the U.S. Energy Information Administration (EIA) shows ethanol production rates so far in 2018 have averaged slightly more than last year.

However, the low prices have ethanol producers thinking about reducing output. Green Plains last week said...