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Drought crop damage worsens, ethanol waiver urged

Fri, 08/10/2012 - 3:24pm
Reuters

WASHINGTON (Reuters) - The worst drought in more than 50 years has caused more damage than expected to corn and soybean crops, the government said on Friday, heightening calls for a suspension of ethanol quotas to head off another global food crisis.

While benchmark corn and wheat futures closed lower in Chicago, experts say food prices appear set to keep rising after a 6 percent jump last month, escalating a food-versus-fuel debate centered on a law that dictates that about 40 percent of the corn crop must be converted into ethanol.

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