CORN: As mentioned in my article from yesterday one of the factors that could help stabilize corn prices would be a reduction in the use of corn towards producing ethanol which accounts for almost 40 percent of US corn production. Yesterday according to Bloomberg a bipartisan group of lawmakers urged the US government to amend its alternative-fuel mandate in order to lower the nations mandate for ethanol made from grain. If this request is met it could be negative for corn prices as reserves may become less strained during the 2012/13 season. One worth keeping an eye on.
http://www.bloomberg.com/news/2012-08-02/corn-falls-as-ethanol-mandate-may-be-cut-soybeans-wheat-drop.html
http://www.tradingfloor.com/posts/impact-of-diminishing-us-corn-production-1951623079