ross and jordinson fail simple buffet test, page-3

Hi joe. I'm thinking that sort of time frame.

Re ethanol mandates, it's unlikely to have quite the impact people think. The US system includes a credit tyoe system for overproduction that can carry forward. When corn is cheap the ethanol producers make more than their mandate which gives them credits they can carry forward to years where corn is more expensive. There are supposedly a lot of cresits banked up so the demand for corn for ethanol may not be too much of a pressure factor.