12 November 2008 00:39 [Source: ICIS news]
HOUSTON (ICIS news)--US ethanol groups on Tuesday announced the creation of an industry group to fight claims that ethanol is behind the recent surge in US food prices.
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The goal of the organisation is "to set the record straight on food prices," its founding members said.
“Big Food” has blamed the rising cost of food prices on US ethanol producers, said POET chief executive Jeff Broin.
“Now that the price of corn has dropped more than 50%…we ask…why food prices are still so high?" Broin added.
US corn futures ended Tuesday at $3.74/bushel, down from a peak of near $8.00/bushel in late June.
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