RFA's Dinneen: Industry should oppose bills seeking to change RFS | CBOT corn, NYMEX oil, ethanol futures advance | U.S. corn exports climbed 23% this week
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April 6, 2012
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RFA's Dinneen: Industry should oppose bills seeking to change RFS
Renewable Fuels Association President and CEO Bob Dinneen is calling on the industry to oppose any plan that would tamper with the Renewable Fuel Standard. The RFS has allowed ethanol to flourish, and without ethanol the retail price of gasoline would be much higher, Dinneen said at the Indiana Ethanol Forum in Indianapolis. Dinneen also called for the elimination of tax incentives for major oil companies that are reaping record profits from soaring gas prices. Hoosier Ag Today (Clermont, Ind.) (4/5)
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Market Update
CBOT corn, NYMEX oil, ethanol futures advance
Corn for May delivery settled at $6.585 per bushel on Thursday, up 1.5 cents, on the Chicago Board of Trade. May light sweet crude gained $1.84 to close $103.31 per barrel on the New York Mercantile Exchange. May denatured ethanol ended at $2.284 per gallon, up 0.9 cent, on the CBOT. United Press International (4/5), The Wall Street Journal (tiered subscription model)/Dow Jones Newswires (4/5), Bloomberg Businessweek (4/5)
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U.S. corn exports climbed 23% this week
U.S. corn exports rose to 793,100 metric tons this week, up 23% from a week ago and 7% above the average of the past four weeks, according to the Department of Agriculture. The biggest importers were Japan, Mexico and South Korea. Net sales of U.S. corn exports jumped to 937,600 metric tons, up 65% from the average of the past four weeks, the USDA reported. CattleNetwork.com (4/5)
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U.S. may miss ethanol-blending goal this year, analysts say
The U.S. is likely to miss its ethanol-blending target for the first time this year, thanks to an overall slump in demand for gasoline, analysts said. The Renewable Fuel Standard requires 13.2 billion gallons of ethanol to be blended this year, but federal projections show that gasoline consumption this year may only reach 131.4 billion gallons. As ethanol supplies ballooned, its discount compared with regular gasoline increased to a record $1.25 per gallon last week, analysts said. Star Tribune (Minneapolis-St. Paul, Minn.)/Bloomberg (4/5)
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ADM closes North Dakota ethanol plant
Archer Daniels Midland's Corn Processing ethanol plant in Walhalla, N.D., will permanently close today. Six of the plant's 61 employees will remain on to power down the facility, while another seven will be transferred to other ADM facilities, said company spokeswoman Jackie Anderson. "As we announced on Feb. 6, ADM determined that the Walhalla facility was not delivering sufficient returns because its geographic location and scale made it difficult to compete in the marketplace," Anderson said. Grand Forks Herald (N.D.) (4/5)
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Other News
Technology & Trends
Apps to help you find alternative fueling stations
There are a number of applications designed to help users find fueling stations that carry alternative fuels. Drive Alternatives, for example, can show you where to find E85, biodiesel, natural gas and other fuels, while Alternative Fuel Station Locator does exactly what the name implies. Forbes (4/4)
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MapMuse updates locator map for alt-fuel filling stations
MapMuse has updated its interactive map of alternative-fuel filling stations. The map contains information on more than 3,000 filling stations that were verified by the Alternative Fuels and Advanced Vehicles Data Center for accuracy. MapMuse expects to roll out an iPhone app version in the next few months. DomesticFuel.com (4/5)
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More ethanol producers could switch to isobutanol, analyst says
Work is ongoing at a corn-ethanol plant in Luverne, Minn., that Gevo is planning to convert into an isobutanol production facility. Aside from fuel, isobutanol can be used to make biobased plastics and other industrial products, said David Glassner, Gevo's executive vice president of technology. The potentially bigger market for isobutanol could prompt more ethanol producers to make the switch, said Kalib Kersh, an analyst for Lux Research. Minnesota Public Radio (4/5)
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Policy Watch
The "richest industry on Earth" doesn't need tax breaks
Congress should scrap the tax incentives for the fossil fuel industry because it is already raking in record profits year after year while pouring their "waste into the atmosphere for free," writes Bill McKibben, a professor at Middlebury College in Vermont and founder of 350.org. "There's just no reason to hand the richest industry on Earth a bonus to help them wreck the planet," McKibben points out. Los Angeles Times (tiered subscription model) (4/5)
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Global Agenda
Jamaican traders urged to talk to Brazilian ethanol suppliers
Brazil's ambassador to Jamaica urged ethanol traders in the island nation to enter into discussions with Brazilian ethanol producers to boost exports to the U.S. "If Jamaica does not talk with the main actors in Brazil the point would not be made and an opportunity will again be lost on a partnership," said Ambassador Antonio Francisco da Costa e Silva Neto. The expiration of the federal tariff on imported ethanol last year allowed Brazilian companies to ship their products directly to the U.S. without having to go through Jamaica, which has a free-trade agreement with the U.S. Jamaica Gleaner (4/4)
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Algae-based-fuel plant in Australia nears completion
Algae.Tec is getting ready to open its algae-based fuel production facility in Australia by the end of the month. The facility is ready to receive the bioreactors that are being built in Atlanta. Algae.Tec is also planning to develop another plant in Sri Lanka. Biofuels-News.com (U.K.) (4/5)
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Business Tips and Advice
Sponsored Content from American Express
SmartQuote
Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."
-- John Kenneth Galbraith,
Canadian-American economist
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