The Pinal Energy ethanol plant in Maricopa, Ariz., has cut production to about 90% of its 50 million-gallon-per-year capacity. "There's a lot of ethanol out there," said Keith Kor, the plant's general manager. "We've seen these fluctuations before, but we've never seen corn prices this high." Illinois River Energy said it will also reduce its output this month -- by about 7% because of depressed margins.

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