SO WTH was all that news about they let the ethanol deal expire?? Just more bullchit news????
The use of corn to make ethanol in the U.S. is helping to lift the grain price worldwide, said Jose Graziano da Silva, the new director general of the United Nations’ Food and Agriculture Organization.
“FAO has been raising its voice against using food to produce bio energy,” Graziano da Silva told 64 agriculture ministers in Berlin yesterday. That’s “especially” the case for corn in the U.S. and oilseeds in Europe, he said.
Corn futures closed at $6.115 a bushel on the Chicago Board of Trade on Jan. 20, almost triple the $2.1175 a bushel for the grain a decade ago. Part of the U.S. corn production is used to make ethanol for blending into gasoline as a fuel while rapeseed is used in Europe to make biodiesel.
“We have been looking into the details of the price, and nowadays there is no doubt that the use of maize in the U.S. for biofuels affects the prices of maize all over the world,” Graziano da Silva said, using another name for corn.
Ethanol production from sugar cane in Brazil accounts
http://www.bloomberg.com/news/2012-01-21/use-of-corn-for-fuel-in-u-s-is-increasing-prices-globally-fao-chief-says.html
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