Ethanol Industry Reacts to Record US Corn Harvest
November 13, 2013News article: http://www.biofuelsdigest.com/bdigest/2013/11/11/record-corn-harvest-in-us-says-usda/
News article: http://www.ethanolproducer.com/articles/10438/ethanol-industry-examines-implications-of-record-corn-crop
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The U.S. Department of Agriculture (USDA) has estimated that the 2013 corn crop will achieve a new record of 13.99 billion bushels, 7 percent larger than the previous record and a whopping 30 percent larger than last year's drought-shortened crop.
The record harvest has sent the price of corn plummeting, but the drop will be a boost for the beleaguered biofuel industry and others that rely on the grain. The lower price of corn now gives ethanol an advantage in fuel markets across the globe.
"This year's corn crop is a tremendous accomplishment and we applaud America's farmers for their hard work and resilience," said Bob Dinneen, President and CEO of the Renewable Fuels Association (RFA). "This historic crop underscores the urgency of maintaining demand. Now, more than ever, the Renewable Fuel Standard must stand as is. No cuts, no reductions. This country will be swimming in excess corn if the RFS requirements are cut."
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