U.S. use of corn for ethanol is high but hyped:

The role of corn's future in continued debate.  Here's an article from Reuters on that issue.  The pressure continues to grow on the Obama administration to either reduce or put a complete hold on the ethanol mandate at least until corn inventories are restored.  The incredible drought in the corn growing states continues unabated.  Before it's all said and done, it is very possible that at least 50% or more of this year's corn crop will be lost.  New figures from the US Department of Agriculture should be out soon...........

"Pete"
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COLUMN-U.S. use of corn for ethanol is high but hyped: Wynn

 Energy »
Wed Aug 8, 2012 10:43am EDT
(The author is a Reuters market analyst. The views expressed are his own.)
By Gerard Wynn

Aug 8 (Reuters) - The U.S. ethanol industry is right to complain that its consumption of corn is routinely exaggerated, by opponents of biofuel and in wider commentary, but it still consumes enough to make a minimum blending mandate look vulnerable.

A U.S. drought and shrinking corn yields have thrown a focus once more on the role of biofuels, four years after a rise in grain prices led to a food-versus-fuel debate and riots in developing countries.

(Read entire article here:  http://www.reuters.com/article/2012/08/08/column-wynn-ethanol-corn-idUSL6E8J65JU20120808