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INDUSTRY UPDATE

While the industry has seen fantastic growth over the past year, with that growth we have witnessed significantly increased volatility in cash flow margins in the ethanol business from negative margins to $0.50 per gallon. Global Ethanol’s internalized sales and risk management staff has worked tirelessly for shareholders to insure as stable margins as possible in light of these circumstances in order to protect the assets during these tumultuous times.We are happy to report that your company’s results have compared very favorably with the largest and most watched industry participants. For example, in the most recently reported quarter (ended December, 2007) for our competitors, Global Ethanol achieved $0.35/gallon in EBITDA while Verasun achieved $0.23/gallon and Aventine achieved $0.09/gallon. 

While we expect to see continued volatility in each of the commodity markets in which we participate
and a similar volatility in ethanol production margins through the end of the year, we believe that our 
established risk management principals will keep us profitable through this period. In addition, we further believe that the increased mandates in 2009 and beyond will weigh positively on industry margins in general.

FEATURED NEWS ARTICLES

New! USDA: More Corn than Expected
Farmers planted one million more acres of corn than expected in March, according to a USDA report released yesterday. This is great news for corn prices and the cost of many other crops. Corn and wheat prices fell yesterday when the news broke and there will be plenty of corn to go around for the 2008 harvest....read the entire article here

New! Another site of interest on the food vs. fuel myths being perpetrated by Big Oil. foodpricetruth.org

Read this weeks article from BusinessWeek Magazine:
John Carey, BusinessWeek Commentary: Is Ethanol Getting a Bum Rap?

WEEKLY RFA UPDATES
Daily news articles from around the world related to ethanol and biodiesel, from RFA.
You will need Adobe Reader to read the clips in PDF format.


F.O. LICHT'S WORLD ETHANOL and BIOFUELS REPORT
View Report

SOUTH EAST MOTOR FUEL REGULATION UPDATE
View Update