"Christina McGlone-Hahn, head of agriculture research at Deutsche Bank, says that unless the Environmental Protection Agency outright bans the use of corn for ethanol, it will take time for high prices to destroy demand from refiners. "It seems the weakest link will be the livestock sector—meaning they will ration first," she writes. Animal feed and residual use account for 38% of the projected corn crop.
Regardless of the mandate, therefore, high corn prices could mean busy slaughterhouses rather than idled refineries."
http://online.wsj.com/article/SB10000872396390444900304577581573868007012.html
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