The US will be almost out of corn stocks by harvest 09, according to Phil Brasher in the Des Moines Register. You must read the article it points up the complete failure of corn to ethanol as a sensible economic or fuel policy.
Key quote 1
Corn supplies are projected to fall by one-third to just more that 1billion bushels, or about one month’s consumption, when harvest startsnext fall. Supplies could be even tighter; many analysts think thelatest production forecast is overly optimistic.
Surely the first responsibility that a government has to its people is to try and feed them, not allow them to drive around cheaply How low will stocks go? That’s not a limbo dance that I want to watch. What’s that going to do to prices and the economic viability of corn ethanol?
Key quote 2
But the real key to keeping the United States from running short oncorn and soybeans may lie in South America, and how many acres farmersin Brazil and Argentina plant to soybeans in coming months. If theyincrease acreage significantly, that could ease soybean prices andsteer U.S. farmers to more corn next spring, economists say.
Surely the key to keeping the United States from running out of diesel and gas may lie in the middle east. If those countries ramp up production indefinitely the price of oil will remain constant and the US will be able to drive around at $1/gal indefinitely.