Explain why and how the event in the article (image) affected the ethanol market using complete sentences and economic terminology.

Indicate how demand, quantity demanded, supply, quantity supplied, the equilibrium price, and the equilibrium quantity of ethanol change as a result of the event. (ie increase, decrease, no change or unknown change). If something does not change, state this explicitly. Graphs are welcome thank you.

Source/article:

From the dinner table to the gas pump, it's ubiquitous, and as its value hits near-record levels, it has become the commodity to watch Looking for a good indicator for where food prices are headed? Watch com. Com's impact on the food industry is unlike that of any other agricultural commodity. At its most basic level, corn is a food staple for billions of people around the world and a key ingredient in dozens of products like breakfast cereals, baked goods, breads, tortillas, chips, soft drinks and even bourbon. But its reach goes much further. Corn drives fertilizer prices because corn plants suck up soil nutrients more than almost any other crop. It also plays a critical role in the price of meat because corn is included in most types of feed for cattle, hogs and chickens. "It's practically in everything we eat,"said Douglas Yungblut, a farm consultant based in Waterdown, Ont. "It does drive a lot of the other commodities, other grains tend to follow it as well." How big is com? In 2009, the value of the crop in the U.S., the world's largest producer, reached $49-billion (U.S.). That | was $5-billion more than every agricultural product produced in Canada that year, including wheat, canola, soybeans, livestock, vegetables and even Christmas trees. So with com prices hitting near-record levels, it has become the commodity to watch. The price has already doubled in the last six months and it topped $7 a bushel on the Chicago Board of Trade last week. Analysts say com is on track to break its all-time high of $7.65 a bushel some time this week. And few observers doubt it will stop there. 'Demand rationing has not even entered the picture with corn prices trading over $7 a bushel," said John Person, who runs Nationalfutures.com, a commodity investing firm in Glenview, Ill. "It is a strong possibility that we will continue to hear and read about continued record food prices until 2011 harvest time."Mr. Person added that corn could jump close to $10 a bushel if there are weather problems this year. The rising price of corn is already finding its way into a multitude of products. Prices for chicken, pork and beef are expected to jump by as much as 4.5 per cent this year. Several firms, including Mcdonald's, Coca-Cola, Kraft Foods and Sara Lee have said price increases for many of their products are on the way. "Commodity costs represent a major headwind for us in 2011," PepsiCo CEO Indra Noovi said last week. "Our commodity cost inflation is expected to be in the range of $1.4-billion to $1.6-billion." One reason corn prices will stay high is the shrinking supply of the foodstuff. Last week the U.S. Department of Agriculture reported that com supplies are at their tightest level in 15 years. The agency also upped its estimate for how much com will be used to make ethanol by 8 per cent, putting the figure at a record 4.95 billion bushels. That is nearly 40 per cent of the entire U.S. crop. The USDA report has intensified the debate over U.S. government-sponsored ethanol programs designed to bring the amount of ethanol in gasoline blends up to 15 per cent over the next decade (Canada also has some government- sponsored ethanol programs but they are not as aggressive). Some of the chief critics have been cattle ranchers, pig farmers and meat processors, who have been reeling from rising prices for feed. Whatever is pushing the price of corn, the impact will be felt at kitchen tables around the world. Com "is used in so many applications, from an energy additive like ethanol, to sugar substitute, to animal feed, the impact is substantial, " said Mr. Person of Nationalfutures.com. Added Al Mussell at the George Morris Centre think tank in Guelph, Ont.: "To say this stuff is ubiquitous in food products would be putting it mildly."