According to Tom Elam, president of Farm Econ, the U.S. ethanol policy continues to drive meat and poultry prices higher and dramatically increase production costs for livestock operations. According to his analysis, farm-level corn prices in 2008 would have averaged about $2.77 per bushel without federal subsidies for ethanol production. Ethanol tax credits, however, added $1.33 per bushel and may drive corn prices to average more than $5 a bushel in 2009. Subsidies for ethanol production, he says, at the time of his calculations, have increased livestock production costs 53 cents per chicken, $3.40 per turkey, $38 per hog and $117.50 per fed beef animal.