High soybean price halts biodiesel production in Minnesota plant
Is SoyLess too easy here?
The SoyMor biodiesel plant in Albert Lea, Minnesota is responding to the high prices for soybean oil by stopping production of biodiesel, at least temporarily on Friday. Soybean oil costs make up 80 percent of a biodiesel plants operating costs, according to the USDA, so even a little jump has a huge impact. In 2007, though, prices leaped from 28 cents to 45 cents a pound and haven't stopped increasing. Friday's prices was 62 cents. Before the shutdown, the plant was already operating at about half-capacity, running less than 15 days a month for the last four months. Production might restart, depending on prices for soybean oil, diesel fuel and the value of the U.S. dollar, SoyMor's chairman told the local press.
[Source: Albert Lee Tribune]
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