This is absolutely incredible. Turning food into ethanol.
U.S. reserves of corn have hit their lowest level in more than 15 years, reflecting tighter supplies that will lead to higher food prices in 2011. Increasing demand for corn from the ethanol industry is a major reason for the decline.It's just a matter of time before we read a similar story about US reserves of wheat, and this will be due to China.
The U.S. Department of Agriculture reported Wednesday that the ethanol industry's projected orders this year rose 8.4 percent, to 13.01 billion bushels, after record-high production in December and January.
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