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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 | Continued
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