Ethanol producer REX American Resources (REX) released its earnings report for the fiscal quarter that ended on April 30 this week. The report reflected the dismal operating conditions that existed in the ethanol sector in March and April as coronavirus-induced lockdowns caused demand for gasoline and, by extension, ethanol to collapse. The company's earnings report was closely watched by the rest of the sector due to the one month lag of its earnings schedule relative to other producers. Whereas most producers' Q1 earnings reports only captured a few weeks' worth of COVID-19 impacts,