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Then comes the secondary effect on corn prices. The market should seek out a new equilibrium point.

And farmers, who overlevered themselves to produce corn, crash and burn and the real estate bubble that popped in Vegas and Florida 3 years ago finally comes to Iowa.

So with the farm belt crashing, more will be imported from Brazil, until some bright lad in DC stands up and asks "why are we replacing imported oil with imported ethanol?", and the ethanol mandate goes away.

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