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U.S. Political Strife Drives ADM Ethanol Business to Brazil
Archer Daniels Midland Co. (ADM), the nation’s largest ethanol producer, could begin shifting much of its biofuels operation to Brazil, as corn-based ethanol attracts continued political scrutiny in the United States.
ADM profits from oilseed, corn processing, and agricultural services hit a record $3.4 billion for the 2008 fiscal year, in part because of strong ethanol sales. However, ethanol has come under fire from meat and dairy producers who argue that the diversion of corn for ethanol production is the principle catalyst for soaring food prices.
The price of corn soared from about $3.50 a bushel to $7 in the…
8Aug2008 | Money Morning | Comments Off | ContinuedU.S. Corn Crop Could Decrease by 10% Further Fueling the Great Ethanol Debate
U.S. farmers will produce 10% less corn this year than they did a year ago, driving demand to a 13-year low and further enflaming global rhetoric aimed at diversion of the staple crop for use in biofuels.
Corn production will fall to 11.735 bushels compared with last year’s crop of 13.074 billion, Bloomberg News reported, citing a report from the U.S. Department of Agriculture.
About 89% of the corn crop had emerged from the ground as of June 8, and only 60% of the crop was in good or excellent condition. At this time last year, 98% of the corn crop…
11Jun2008 | Money Morning | Comments Off | Continued
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