A very interesting piece here which explores the ethanol stock universe and some of the surrounding issues in the industry according to analysts.

Of particular note is the current fragmentation of the ethanol market. ADM (Archer Daniels Midland), the biggest, is the only producer with double-digit market share - that's according to Merrill Lynch analyst Diane Geissler.

And Bear Stearns analyst Ann Duignan said she noticed attendees at a recent industry workshop seemed to recognize that rising corn prices and falling ethanol futures indicate tougher margins ahead.