GPRE - Green Plains Inc.: If 2018 Was Bad 2019 Is Proving To Be Even Worse

A year ago I wrote here on Seeking Alpha about the strategic shift that U.S. ethanol and agricultural products company Green Plains, Inc. (GPRE) was undergoing. That shift came after the company's ill-timed expansion in the ethanol sector coincided with an extended period of low ethanol prices. Q4 2018 saw the company dispose of substantial fermentation assets in a bid to raise cash for the triple purposes of reducing its debt load, repurchasing its shares, and financing a partial transition away from ethanol and into the animal feed sector.

That transition has ultimately

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