Ethanol production from corn doubled from 2001 to 2005 and will likely double again before the end of 2008. Biodiesel production tripled from 2004 to 2005 with continued growth expected in 2007. Biofuels have become the driving force in the U.S. crops sector. But in this race between biofuels, ethanol has emerged as the main biofuel impacting U.S. agriculture today. The growth in the biofuels industry has created a strong demand pull, especially for corn. Over the past 5 months, we have seen corn prices increase dramatically. In mid-September 2006, the December 2007 corn futures contract was priced at $2.50/bushel. On December 19, 2006, that contract stood at $3.73/bushel. Prices rose throughout the harvest period despite the third largest corn crop on record coming in 2006. This strength in corn prices has been accompanied by increases in soybean and wheat prices. And this strength is not limited to next year as futures prices and industry forecasts project corn prices above $3.00/bushel, soybean prices above $6.00/bushel, and wheat prices above $4.00/bushel for the next several years.