U.S. May Free Up More Land for Corn Crops. By David Streitfeld, NYTimes, June 21, 2008. "Signs are growing that the government may allow farmers to plant crops on millions of acres of conservation land, while a chorus of voices is also pleading with Washington to cut requirements for ethanol production. The Midwest floods have washed out an estimated four million acres of prime farmland, crimping this year's harvest as the world desperately needs more grain. With corn prices setting records and soybean prices not far behind, the Bush administration is under intense pressure to do what it can to bolster the food supply. Senator Charles E. Grassley, Republican of Iowa and one of Capitol Hill's main voices on farm policy, on Friday urged the Agriculture Department to release tens of thousands of farmers from contracts under which they had promised to set aside huge tracts as natural habitat... A quarter of the United States corn crop is used for biofuels rather than animal or human food, and the percentage is rising... In the last couple of days, corn fell from its recent highs as traders grew convinced the government would release conservation land. Corn closed Friday at $7.21 a bushel, still an extraordinary price by historical standards."
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