Big difference between 2008 and this year is the price of Oil.  Ethanol was competeing against 145 per barrel oil.  Not so this time around.  The ethanol plants could hedge their purchases but not their end products and got caught when prices crashed, not as they were going up.

Even if the corn crop comes in at a 155bu average and should have a 5 or 6 in front of it, it just won't work this time.  We would see a split market senereo as was mentioned earlier.   In 2008 dairy hay was selling for 200 per ton and dairymen were getting over $20 per hundredweight.  When milk prices crashed, so did the dairy hay prices and it had nothing to do with the supply or demand of hay. 

You just can't squeeze blood out of a turnip.