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Ethanol producer Green Plains, Inc. (GPRE) reported Q1 earnings this week that were quite poor despite modestly beating on revenue and handily outpacing the analyst earnings consensus. Investor sentiment in response was largely one of relief that conditions had not been as bad as feared, and the company's share price has climbed by as much as 27% following the report's release. The share price has staged an impressive rebound from its early-April lows, although it remains well below its pre-pandemic levels (see figure).