Cargill profit jumps 34 percent on back of biofuels surge
Cargill not only trades soybeans, but now makes its own soy-based biodiesel at a 37.5 million gallons / 142 million litres a year plant in Iowa which began production last April. The company has also announced plans to build four more ethanol plants in the U.S. Midwest.
Analysis: at some point rising soybean and corn prices may increase the cost of biofuels produced from these important commodity crops too far above the price of petroleum based fuels to be economically viable. Farmers are benefiting from the higher prices at the moment but biodiesel and ethanol are relatively young industries. If oil prices fall further farmers might suffer in the long term if biofuels go south.
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