North Dakota Hitting On All Cylinders -- Now, It's Corn -- Bakken, North Dakota

Another incredible story for North Dakota -- link here (regional links break early).

Remember all those dire warnings regarding farm crops in North Dakota this year due to flooding?

Data points;

• North Dakota may have record corn production this year -- perhaps third best in history

“If I had to take an educated guess, I’d say this is the best corn crop we’ve ever had,” he said during a drive around tour. “There’s 150 bushels an acre out there.”

He and his dad, Laurance Heger, turned the corner last year, for the first time planting more corn than wheat acres.

Corn, for all its good looks, is much less high-maintenance than wheat. Genetics have made it more drought-resistant. It can stand up to hail and wind damage better and at harvest time, there’s none of that waiting around every morning for dew to dry, he said.

• Corn is selling for an all-time record of $7.11/bushel on the spot market: three times higher than its average historic price
• 40 percent of all corn: cattle feed
• 27 percent of all corn: ethanol
• At $7.00/bushel, ethanol barely profitable; much above $7.00 and ethanol producers will have trouble making money

Single farm: enough corn to fuel a 2008 Malibu for 19 million miles (one farm)
Single farm: enough wheat to make 12 million loaves of bread (one farm)

With corn this high in price, ethanol will increase in price; watch of price of gasoline to go up.