High corn prices could lead to fewer wheat acres

US - Agriculture industry officials say if wheat prices do not remain high, the crop could lose acreage to corn next year.

The growing ethanol industry is boosting corn prices, said Jocie Iszler, executive director of the North Dakota Corn Growers Association.

Keith Finney, a grain merchandiser in Hillsboro, said there is an ample supply of corn, but that speculation fueled by ethanol is driving up corn futures prices.

"We do have plenty of corn on hand, but the December '07 and '08 crop prices are being held up by the ethanol industry," said Finney, who is leaving his job to work at the ethanol plant under construction at Richardton.

"The impact is such that it is growing so fast that we could increase our domestic usage so we can't export any domestic corn," he said. "We're going to need to increase production of corn to meet demand."

Source: Grand Forks Herald
calendar icon 7 August 2006
clock icon 1 minute read
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