A study by two analysts at farm cooperative Growmark indicates that market speculators have a bigger impact on corn prices than ethanol production, writes Susanne Retka Schill. The analysts found that ethanol could not be the dominant factor in corn prices because demand from ethanol makers is relatively small, corn prices do not automatically follow changes in ethanol prices, production of distillers dried grains with solubles offsets the ethanol industry's corn intake, and corn-price fluctuations are reflected in other, nonbiofuel-related commodities, Schill notes.

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