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International News>Corn alone can't satisfy Bush ethanol plan |
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CHICAGO, Illinois (Reuters): It won't be possible to produce enough corn in the United States to meet United States President George W. Bush's goal of a 35 billion gallon output of renewable fuels in 10 years, analysts said on Wednesday.
"It's a very optimistic scenario and encouraging longer term, but it's too big to make any sense for ethanol from corn only," said Jerry Gidel, analyst for North America Risk Management Inc.
Additionally, U.S. grain markets will be extremely volatile, led by explosive price bursts in corn, which already is at a 10-year high, as the corn-based ethanol engine forages through the U.S. heartland.
Bush, in his State of the Union address on Tuesday night, called on the nation to derive 35 billion gallons of fuel needs from renewable green sources such as corn and ethanol by 2017 and reduce gasolene consumption by 20 per cent.