Ethanol Demand Raises Food Prices
"The price of meat is set to rise in America as the nation's helter-skelter dash to convert corn into road fuel begins to take its toll on the supply of food," reports the Times. "The U.S. Department of Agriculture has said that meat supply will fall this year because of the high cost of feed. Output of beef, pork and chicken is expected to decline by one billion pounds as farmers react to the soaring cost of feeding their livestock. Typically, meat production in the United States rises by about 2 per cent a year, but the pressure from American ethanol producers manufacturing road fuel from corn has sent the price of maize soaring to $4 a bushel."