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Only half of the calories produced on croplands are available as food for human consumption
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Even without that culling, half the calories are not calories humans can process. We can’t digest stalks of corn or wheat, for example. Various livestock animals can digest biomass that would otherwise go to waste.
And it can also be used to make ethanol.
There's actually very little waste in agriculture, and even in ranching. Hell, cows that die in the field of natural causes can still be 100% processed.