Your post doesn't make sense. I would assume that older contracts would have a HIGHER price for corn. Once those contracts are honored the current market rate makes their ethanol even more profitable.
Not all ethanol plants are the same. Hundreds were built by local grain handling companies with very low efficiency. ADM is buying up those plants (some are sitting idle) and retrofitting them to their specifications which makes them much more efficient and profitable.
What surprised me is that the US could compete on the world market with corn based ethanol.
ADM said domestic ethanol demand in 2015 is expected to be around 13.5 billion gallons, similar to this year, while exports could rise as much as 25 percent from an expected 800 million gallons this year.
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