by Stacy Feldman -
Jun 23rd, 2008 
The US corn ethanol industry is struggling, now that Midwest floods have washed out millions of acres of prime cropland, sending corn prices soaring and ethanol profits falling. If this statement by Citigroup is anything to go by, then it could be even worse than feared.
As quoted in MarketWatch:
As a result of the rapid margin deterioration, nearly 120 small to midsize ethanol producers "will be shut down over the next few months," said David Driscoll, an analyst at Citigroup, in a written comment released Thursday. There are currently about 160 ethanol plants in the United States, according to the Renewable Fuels Association.
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