From May 9 Worldwide Agricultural Estimates,in reference to corn 2008/2009 stocks, I quote:
Higher year-to-year beginning stock reflect this month's 100-million-bushel reduction in 2007/08 corn use for ethanol....
Translation : THIS MONTH, ESTIMATES ARE THAT ETHANOL IS USING 100 MILLION LESS BUSHELS OF CORN!!
The U.S. will be producing 7 percent less corn in 2008/2009... BUT, I quote again:
Global coarse grains production for 2008/09 is projected at 1.1 billion tons, up slightly from the current year record, despite the year-to-year decline in U.S. corn output. Foreign coarse-grain production is expected to increase 4 percent from 2007/08.
Translation : WORLDWIDE COARSE GRAIN WILL BE 4 PERCENT HIGHER YEAR-to-YEAR, there is a lot more corn being produced worldwide to compensate for U.S shift to wheat.
At these high prices for corn, it seems that a lot of worldwide poor farmers will just work the earth harder in order to compete on price. Soon, around the world will be signs " Corn For Sale."