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Ethanol Growth Cools, Farmers Wallets Unaffected
By Mr Ethanol | November 23, 2007
MarketWatch:
Slower domestic ethanol growth and potentially less corn acreage next year won’t hurt the wallets of U.S. farmers as international demand for grain remains at high levels, said Geoff Cooper, director of ethanol and business development with the National Corn Growers Association.
“The weakness of the dollar has driven strong corn export demand,” Cooper said. “However, farmers are sitting down right now and figuring out what to grow based on revenue per acre, and soybean prices are very high right now.”
Cooper said he expects corn planting could lose 5 million to 6 million acres next year to soybeans, though corn will still be at historical highs with 87 million to 88 million acres.
Earlier Wednesday, Deere & Co. trimmed its expectation for corn bushels earmarked for ethanol, leading to some pressure on its shares in morning and midday trading. See full story.
Higher corn prices, infrastructure constraints and pricier financing have cooled the growth of U.S. ethanol production, Cooper said.
Topics: Agriculture, Ethanol, Market |
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