American farmers will plant 96.5 million acres of corn this
year, according to estimates by the U.S. Department of
Agriculture. Private industry forecasts suggest acreage could be
even higher, depending on planting conditions this spring. Is
all that corn a good thing? If you’re feeding cattle or hogs
this year you’re probably hoping for a bumper crop of corn and
lower grain prices, as livestock margins have been miserable for
months. And, if you’re like most livestock producers, you
probably oppose the federal government’s Renewable Fuel Standard
(RFS), which requires transportation fuel sold in the United
States to contain a minimum volume of renewable fuels such as
corn-based ethanol. A total of 13.2 billion gallons of ethanol
was added to American fuels in 2012, and 13.8 billion gallons
must be added this year. Over the last two years nearly 40
percent of the U.S. corn crop has been used to make ethanol, and
the increased demand has helped drive corn prices higher. From
an economic standpoint for rural Am