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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 | ContinuedAgri-Biotech Giant Monsanto Moves into its Newest Venture: Biofuels From Prairie Grasses
Agricultural-biotech giant Monsanto Co. (MON) is already a global leader in the development of genetically engineered crop seeds.
Now the St. Louis-based firm is exploring the potential for biofuels, one of the hottest sectors in the alternative energy realm.
Monsanto and the Hayward, Calif.-based Mendel Biotechnology Inc. have joined forces to study how certain prairie grasses could be transformed into biofuels.
The terms of the deal were not released. But the companies aren’t strangers. In fact, Monsanto and Mendel say that they’ve spent more than a decade collaborating on the development of “biotechnology traits” for such crops as corn, soy, cotton and canola. And…
1May2008 | Money Morning | Comments Off | Continued
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