DENVER (AP) — Biofuel Energy Corp. says it is idling its ethanol plant in Fairmont, Minn., until further notice.

The plant stopped production last week.

Corn prices have been high this summer, and impacts of the drought on the Corn Belt are still being felt. CEO Scott Pearce notes there also has been a glut of ethanol, lowering prices for the corn-based fuel additive.

Pearce said Monday the Denver-based ethanol production company isn’t making any changes to its current operations team so that it can restart the Fairmont plant on short notice.

Another plant in Wood River, Neb., is still operating.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)