Ethanol needs adding to pain for livestock feeders
The blistering U.S. drought has sparked a heated debate over whether the ethanol industry should be sacrificed to spare livestock feeders and food processors from crippling corn prices. They're asking whether corn needed to feed people and animals should be going into fuel tanks. It's a tough one to answer, but is it even the right question?
Back in the days of $3 corn, it seemed like a good idea to turn it into ethanol, even if it took a few subsidies and a legislated mandate that gasoline has to contain a minimum percentage of ethanol.
Not only would this boost prices by eliminating burdensome carry-overs, it …