...former President George W. Bush had signed legislation which required 40 percent of the U.S. corn harvest to be slated for ethanol production, and for massive subsidies to make corn economically viable.
...Coming off the third-highest corn harvest in U.S. history in 2010, the carryover (unsold corn still in the elevators) is a bare two weeks’ worth of grain at current and projected usage rates.
This is precariously low, the lowest in modern history. The only time the carryover was lower was in the 1930s — during the height of the Dust Bowl.The problem here is the mandate, which assumes that corn — which is used in pretty much everything from plastics to baby powder to animal feed — will continue to see record yields.
Just like in Lake Woebegone, where all the children are above average, and in the US, where we always progress, never take a step back. You know the drill.
...This year could be a bad year; much of the corn in the eastern cornbelt is late getting into the ground, and from west Texas into Nebraska we’ve got the worst drought in 40 years. Parts of western Kansas have gotten no more than a quarter-inch of rain since the beginning of the year. This means the corn stocks could slip still lower.
Well, here's an idea:
Have Congress eat CFL lightbulbs for lunch and wash it down with corn spirits. Repeat as necessary, but for at least 30 days.
That may change their damnfool minds.