Corn Prices Skyrocket with Drenching Rains and Ethanol Production - KCBD NewsChannel 11 Lubbock

6/25/08

Corn Prices Skyrocket with Drenching Rains and Ethanol Production

Flooding has saturated an estimated two million acres of corn and soybean fields in several states. Higher costs of feed and fuel prices are affecting livestock owners.

"The impact it may have on Texas - is Texas imports alot of corn from the midwest that comes in as livestock feed," said David Gibson, Corn Producers of Texas. "And of course if supply is tighter that usually drops prices up higher, and so the livestock sector may see some impact from that and in turn that spills out into increased cost."

Another reason feed is so high for livestock is ethanol production. Ethanol is made from corn and can be used as motor fuel. Tuesday, Governor Rick Perry was in Washington urging federal lawmakers to cut ethanol production requirements in half.

"Although ethanol and renewable fuel standard mandate looked like a good idea 5 years ago, its no longer a good idea. It's hurting America, it's hurting our families," said Perry. "The reasonable position from my perspective would be to say, you know what; although we did support that in the past, it's different times, it's different situations, and we do think that reducing that mandate by at least fifty percent is the right thing to do."

The Environmental Protection Agency must review the request and consult with the energy and agriculture secretaries before making a decision.

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