This headline might sound like one that ethanol critics will appreciate, but it's not the whole story. We're using more corn to make more ethanol than ever before -- yet food prices are down. How's that for debunking the "food vs. fuel" myth?
The '09 corn harvest is now beginning, and America's farmers are once again showing why they're the best in the world. The most recent USDA figures forecast the second-largest corn crop, an estimated 13 billion bushels. The average corn yield is predicted at 164.2 bushels per acre, up a full 10 bushels per acre from last year. The number of acres expected to be harvest this year (79.3 million) is 1% larger than last year, but the total crop is expected to be 8% larger than last year -- proving how farmers are making every acre count.
Recent media reports are documenting decreasing prices at the grocery store. The American Farm Bureau's "Marketbasket Survey" for the July-September period, for example, showed retail food prices under a year ago for the fourth consecutive quarter and down 10% from one year ago. A healthy corn crop this fall will provide ample supplies of corn for all important uses -- food, feed, and fuel.
Thanks to America's farmers for all they do.