Farmers Respond To Corn Demand
With corn being used as food, livestock feed and for Ethanol production, farmers are in a rush to increase the size of their corn crops. As a result, the U.S. Is on track to grow the largest crop of corn since 1944.
Conservative estimates put the total 2007 output around 12.8 billion bushels.
It is estimated that Ethanol demand will double by the end of 2008, calling for the production of 13 billion gallons. A single bushel of corn yields 2.8 gallons of Ethanol. Were all Ethanol produced from corn, it would take 4.6 billion bushels, more than a third of forecast output, to meet that demand.
"There will be enough corn," Agriculture Secretary Mike Johanns said. "It looks to me ... some of the pressure went off."
I'm not so sure of that.
- Huge sowings ease ethanol crunch on U.S. Corn
- Given Rising Food Prices and Ethanol Demand, Do We Still Need Farm Subsidies?
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