Aug
1
Grain Prices Driven Up By Ethanol
By Jodi LaMarco
German grain-trader Toepfer International, a division of U.S. based Archer Daniels Midland Co., has said that the price of grain and oilseed will rise as the production of biofuel increases.
On Monday, the company issued a press release that said, "Along with continued strong demand for human and animal foods, ever more grain and vegetable oils are flowing into production of bioethanol and biodiesel." Toepfer estimates that over 100 million tons of grain will be converted to ethanol in 2007, and that "processing of vegetable oils into biodiesel could rise to 8 million tonnes."
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