USDA economist projects 58 percent growth in ethanol production

An anticipated 58 percent jump in corn-based ethanol production next year will not boost food prices enough to harm consumers, the Agriculture Department’s chief economist said Friday.

The economist, Keith Collins, projected that 118 U.S. ethanol plants will produce 9.3 billion gallons of ethanol for the crop year ending August 2008, up from the 5.9 billion gallons expected for the current crop year.