This Would Be A Game Changer

Posted by Nogger - a legend in his own mind at 11:53 | Categorized as

14/06/11 -- Some of corn's nervous overnight action may be attributed to the news that the US Senate is set to vote this afternoon on a proposal by Oklahoma Senator Tom Coburn the repeal ethanol blenders' tax credit, which he says costs US taxpayers USD6 billion a year.

It would certainly be a financial shot in the arm for the ailing patient that is the out of control US budget deficit, and it would sort out next season's "incredibly tight" corn stocks too.

Which is of course exactly why they probably won't buy it.

"American ethanol employs some 76,000 American farmers and workers directly in producing ethanol or providing goods and services to ethanol producers," bleats one senator against the move. That old chestnut. That's USD80,000 each and every one of those "ethanol dependants" is costing the US taxpayer.

And we haven't begun to calculate how much USD8 corn adds to their weekly food bill yet either.

I do hope I'm wrong.

Senate Poised to Vote on Coburn Ethanol Amendment