With food prices driven up by costly corn and grain (see p. 19), some politicians have called for ethanol production to be curbed to lower corn prices. But some market participants feel politics is playing too big a role in ethanol's outlook. Bruce Waterman, CFO at Agrium, said recently, "ethanol is sort of more like icing on the cake, and maybe there's 50¢/ or 75¢/bushel in the corn price because of ethanol."