Strategy is key in running a commodity business. GPRE went into the grain storage business, sold it IN TIME at a good price... and then now wham... anyone holding stocks of corn, soybeans, wheat got a whopper of inventory value decrease on the last day of the quarter and into the next quarters.
And, GPRE also 'locks-in' margins. They buy their corn and sell their ethanol together.
They did day that they were holding some $50m worth of corn from the grain business. Wonder if they sold it at a high price ( relative to original cost) last week or today.
And now, for their production rate of ethanol: inventory low, sprind demand ahead in MAY ( not April). SO they have time to buy and make what is needed for driving season.