Corn-based Ethanol as Fuel Will Drive Up Food Prices


	Corn-based Ethanol as Fuel Will Drive Up Food Prices

laurafries

5-25-2007 12:05 PM

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tags:

corn, food, ethanol, gas, prices, domestic, production

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/712b35f4-f46a-4deb-8821-922ae5441b0e/D969A43B-0569-4CAB-903F-CFE239DE7799/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.foodproductiondaily-usa.com/news/ng.asp?n=76688&m=2FPU525&c=duclytkhmgtxwmx" href="http://www.foodproductiondaily-usa.com/news/ng.asp?n=76688&m=2FPU525&c=duclytkhmgtxwmx" style="font-size: 11px;">www.foodproductiondaily-usa.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foodproductiondaily-usa.com/news/ng.asp?n=76688&m=2FPU525&c=duclytkhmgtxwmx"> 
<FONT size="2" face="arial" color="#333333"><B>Soaring corn prices due to the expanding US ethanol market have already driven US retail food prices up by $14 billion over the last year, claims a study by the Iowa State University Center for Agriculture and Rural Development.</B></FONT></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foodproductiondaily-usa.com/news/ng.asp?n=76688&m=2FPU525&c=duclytkhmgtxwmx">The report suggests that this rise in US retail food prices is likely to get worse and that they could be pushed even higher - to an annual increase of $20 bn. Crude oil prices could increase from $65 to $70 per barrel and US <A class="arial113399cc" href="javascript:KeywordSearch('KEYWORDS=corn&period=all&inner=1');">corn</A> prices to $4.42 per bushel, compared to $2 per bushel in mid-August 2006.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foodproductiondaily-usa.com/news/ng.asp?n=76688&m=2FPU525&c=duclytkhmgtxwmx"><DIV>In response to higher feed costs, livestock farmgate prices and therefore <A class="arial113399cc" href="javascript:KeywordSearch('KEYWORDS=retail+prices&period=all&inner=1');">retail prices</A> for meat, eggs and dairy will also increase. </DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.foodproductiondaily-usa.com/news/ng.asp?n=76688&m=2FPU525&c=duclytkhmgtxwmx"><DIV>The direct effect of higher feed costs would be to push up beef, pork and poultry prices by more than 4 percent, and to send egg prices rocketing by about 8 percent.</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/D969A43B-0569-4CAB-903F-CFE239DE7799/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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