13 unchanged sentences
We continuously monitor the margins at our ethanol plants using a variety of risk management tools and hedging strategies when appropriate.
−Removed: In recent years, the spread between ethanol and corn prices has fluctuated widely, narrowed significantly and been negative at times.
+Added: The spread between ethanol and corn prices can fluctuate widely, and has been negative at times.
Fluctuations are likely to continue.
−Removed: A sustained narrow spread or further reduction in the spread between ethanol and corn prices as a result of increased corn prices or decreased ethanol prices, would adversely affect our results of operations and financial position.
+Added: A sustained narrow spread or reduction in the spread between ethanol and corn prices as a result of increased corn prices or decreased ethanol prices, would adversely affect our results of operations and financial position.
Should our combined revenue from ethanol, including industrial-grade alcohol, distillers grains, Ultra-High Protein and corn oil fall below our cost of production, we could decide to slow or suspend production at some or all of our ethanol plants, which also could adversely affect our results of operations and financial position.
5 unchanged sentences
Ethanol plants, livestock industries and other corn-consuming enterprises put significant price pressure on local corn markets.
−Removed: In addition, local corn supplies and prices could be adversely affected by, but not limited to, prices for alternative crops, increasing input costs, changes in government policies, shifts in global markets, supply or demand, global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, or global damaging growing conditions, such as plant disease or adverse weather, including drought, as well as global conflicts.
+Added: In addition, local corn supplies and prices could be adversely affected by, but not limited to, prices for alternative crops, increasing input costs, changes in government policies, shifts in global markets, supply or demand, global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, or global or regional growing conditions, such as plant disease or adverse weather, including drought, as well as global conflicts.
Our revenues are dependent on market prices for ethanol which can be volatile as a result of a number of factors, including but not limited to:
2 unchanged sentences
the price of gasoline, crude oil and corn;
−Removed: global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, and government policies.
+Added: global political or economic issues, including but not limited to
+Added: the war in Ukraine including sanctions associated therewith, and government policies.
Ethanol is marketed as a fuel additive that reduces vehicle emissions, an economical source of octanes and, to a lesser extent, a gasoline substitute.
18 unchanged sentences
It is unclear when or if they will propose a reset rulemaking.
−Removed: The EPA has stated an intention to propose a post-2022 ‘set’ rulemaking as required by statute.
+Added: The EPA has stated an intention to propose a post-2022 ‘set’ rulemaking by November 16, 2022, and finalize by June 14, 2023, in compliance with a consent decree from the U.S.
+Added: District Court for D.C.
Volumes can also be impacted as small refineries can petition the EPA for an SRE which, if approved, waives their portion of the annual RVO requirements.
10 unchanged sentences
Moreover, changes to RFS could negatively impact the price of ethanol or cause imported sugarcane ethanol to become more economical than domestic ethanol.
−Removed: Likewise, national, state and regional LCFS like that of California, Oregon, Brazil or Canada could be
−Removed: favorable or harmful to conventional ethanol, depending on how the regulations are crafted, enforced and modified.
+Added: Likewise, national, state and regional LCFS like that of California, Oregon, Brazil or Canada could be favorable or harmful to conventional ethanol, depending on how the regulations are crafted, enforced and modified.
Future demand may be influenced by economic incentives to blend based on the relative value of gasoline versus ethanol, taking into consideration the octane value of ethanol, environmental requirements and the value of RFS credits or RINs.
15 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.