To all fellow shareholders...please contact your representative or senator and ask them to outlaw production of ethanol from foodstocks including corn.
SEB uses a lot of corn, so the huge price rise in corn due to corn ethanol production is hurting SEB badly. But the problems with corn ethanol production go much deeper, and I think it is a very destructive policy for the U.S.
Not sure if everyone knows this, but this year in the US 40 percent of all corn production will be burned up into corn ethanol due to government mandates that were put in place by the farm lobby and big agribusiness. To me burning up food is immoral on many levels and our government shouldn't be subsidizing it.
Corn ethanol provides no economic or environmental benefit and it is only produced to "buy off" farm state votes with tax subsidies. In fact, no one would produce the stuff without the tax subsidy and mandates. Yet corn ethanol is actually more environmentally destructive than fossil fuels as the EPA recently pointed out. We are dumping huge amounts of pesticide, fertilizer, insecticide into our water supply and soil in the name of almighty corn. This year, about 6 million acres will come out of the conservation program (CRP) and plowed up and put into production, much of it marginal land that is important to wildlife -- a guy down the road from me recently cut down 40 acres that was previously classified forest to grow, you guessed it - more corn.
Corn ethanol is good for rich Iowa corn farmers, most of whom are multimillionaires, but it is a horrible policy for the average person. The corn ethanol lobby touts the thousands of jobs that the industry has created, yet it fails to mention the MILLIONS of jobs that have been eliminated or are put at risk due to dramatically higher corn prices and food costs. Oh, and by the way, next time you hear a farmer or member of the agribusiness lobby or land grant university (i.e. Purdue) mention how corn ethanol lessens our dependence on foreign oil, please politely point out to them that about 80% of ethanol in the U.S. is currently be exported! http://switchboard.nrdc.org/blogs/slyuts...
Again, as a SEB shareholder you can make a difference by lobbying your representative and senator and becoming an activist AGAINST corn ethanol and its powerful lobby. You can also lobby SEB management to become more vocal in their opposition to current US corn ethanol policies.