E85 PumpBlame it on a harvesting delay, but the fact still remains that U.S. ethanol output slipped by 3.4 percent – to 841,000 barrels a day – in late September, the lowest per-day output in 2011.

Some say fall maintenance of corn crops are to blame, others claim a delayed harvest is at fault, but the Energy Information Administration (EIA) reported on Wednesday that U.S. ethanol production in the seven days prior to September 23 dropped by 30,000 barrels a day, compared to the previous week, hitting its lowest point since September of 2010.

Linn Group analyst Jerrod Kitt, predicts that corn is "getting mighty bare at some facilities," which fits with the supply meme. On the other hand, the EIA says reduced demand for gasoline contributed to the dip in ethanol output and a 1.6-percent rise in ethanol reserves.