REX American Resources Corporation is an investment holding company that produces ethanol and co-products through three operating entities with varying ownership stakes. The company operates ethanol production facilities across the Midwest that process corn into denatured ethanol using the dry milling method and generate additional revenue from co-products including distillers grains and corn oil sold into animal feed and chemical markets. REX's profitability depends primarily on the "crush spread"—the difference between ethanol and corn prices—which the company manages through forward commodity contracts typically covering no more than four months, and the company pursues growth opportunities in carbon sequestration and plant expansion to optimize federal tax credits for sustainable fuel production.