from Follow the Money

Surprising fact du jour

June 5, 2008

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Blog posts represent the views of CFR fellows and staff and not those of CFR, which takes no institutional positions.

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In 2009, the US expects 33% of the corn it produces will go to biofuels. The FT:

In Chicago, spot corn hit a record high of $6.43 a bushel and corn for delivery next year – by which time the US forecasts that about 33 per cent of its corn crop will be consumed by the biofuels industry – hit a high of $6.97 a bushel.

Given how much corn the US Midwest grows, that strikes me as a lot.

Update: Economics of contempt -- in a comment -- argues that the US biofuels industry is set to consume at least 13% of global corn production.

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