The old saying “can’t see the forest for the trees” may be apt for the ethanol outlook for the next few years. Indeed, there’s been a great deal of looking at such trees as year-round E15 usage, small refinery wavers, the 2020 required volumes, and the upcoming Renewable Fuel Standard (RFS) reset rule. Then there is the uncertain and volatile corn market that has dragged ethanol prices up and down this spring as well as the weather-related supply bottlenecks and, of course, the trade situation with China, formerly a top market for ethanol and DDGS exports. In the bigger picture (i.e., the forest), however, the ethanol sector finds itself in an overall supply-and-demand situation with petroleum that is bearish. While...