Sudden interest in alternative fuels such as ethanol are causing corn prices to skyrocket and sending some windfall profits back to America’s farm communities.
The Renewable Fuel Association said it projects total corn used for ethanol production to increase from 1.6 billion bushels in 2005 to nearly three billion bushels by 2015.
The industry group said the ethanol boom has led to the creation of 150,000 jobs in refining and related companies.
The higher prices resulting from the increased demand are a blessing for farmers.
“In one year, corn prices have more than doubled and I saw my profits surge,” said Ken MacCauley, a Kansas farmer who is president of the National Corn Growers Association.
“The ethanol boom is bringing money to the real America,” he said, arguing that this is revitalizing struggling farm communities.
Update:
Tyson, Inc. the world’s largest meat processor released a statement saying that the price of meat could also rise as a result.
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