18 November 2007 20:31 [Source: ICIS news]
By William Lemos
BUENOS AIRES (ICIS news)--A surge in soybean prices represents a major hurdle for Brazil’s nascent biodiesel industry, as the cost of the feedstock has soared by more than 70% in the last 14 months, a producer said on Sunday.
Brazilian soybean prices in November were at Brazilian reais (R) 2,300 ($1,315)/tonne, up from R1,350/tonne in September 2006, the producer said on the sidelines of the Latin American Petrochemical Association (APLA) conference in Buenos Aires.
The surge is due to local upward pressure from biodiesel, and also to an increase in international soybean prices, the source said.
Soybean oil accounts for more than 75% of the cost to produce the biofuel, the source said.
Biodiesel industry officials recently predicted
One market participant said
($1.00 = R1.75)
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