In its annual long-term baseline report released Wednesday, USDA says ethanol will drive years of rapid expansion in the
By the 2007-08 marketing year, USDA predicts corn production to rise to 12.065 billion bushels, with continued increases for the next decade. In 2006, farmers produced 10.5 billion bushels of corn, with 2.15 billion of those going to the ethanol industry, according to USDA's February supply and demand report.
The strongest growth in
The report also sees a decrease in soybean production in favor of corn acres. Farmers will only produce 2.9 billion bushels of soybeans in the 2007-08 marketing year, down from 3.188 billion in 2006, the reports says. Production would climb back to 3.085 billion bushels by 2016, USDA says.