NEW YORK ? The U.S. Department of Agriculture (USDA) estimates that in 2011 through August 31, ethanol producers will have consumed more domestic corn than livestock and poultry farmers, the Financial Times reports.
According to estimates, ethanol refiners will have consumed 5.05 billion bushels of corn, or 40 percent of last year?s harvest, compared to 5 billion bushels used for animal feed and residual demand.
The data comes amidst increased scrutiny and concern over food inflation. ?It?s a tipping point,? said Luke Chandler, Rabobank global head of agricultural research.
Corn prices have jumped 90 percent from a year ago, and U.S. ethanol production is projected to reach a record 13.7 billion gallons this year, exceeding mandated levels by 1 billion gallons, according to the Renewable Fuels Association.
Global demand for corn is increasing, with the USDA estimating global consumption to increase 5.9 million tons to 877.6 million in the coming year.
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