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Ethanol Makers Reject Blame For Food Prices
By Mr Ethanol | November 26, 2008
Tampa Tribune:
Food retailers are wrongfully blaming the ethanol industry for jacking up the cost of a Thanksgiving Day feast, the Renewable Fuels Association said Tuesday.
Food retailers are misleading the public, claiming more ethanol use has raised the price of corn, which is used in most food production, the trade association said.
Corn prices are down about 21 percent from last year. On Nov. 21, a bushel of corn cost $3.39, down from $4.28 on the same day last year, the association said.
“This fact alone disproves the notion that grain prices are a primary driver of retail food prices,” the association said in a statement. “If corn prices have decreased since last November, how could they possibly be responsible for the increase in the price of Thanksgiving dinner.”
The ethanol industry’s demand for corn accounts for 1.4 percent of the cost of a Thanksgiving meal for 10, the trade group said. The effect is “nothing more than a couple of quarters.”
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