USDA loans to ethanol plants is bad business

The National Cattlemen’s Beef Association sent a letter to United States Department of Agriculture Secretary Ed Schafer this week expressing disappointment at his comments outlining Rural Development assistance for ethanol plants hurt by high corn prices. In remarks made in Des Moines, IA on Oct. 17, Shafer stated that, “There’s going to have to be some credit applied to companies to buy some lower-priced corn to blend with their higher-priced corn.”