08 July 2011 18:20 [Source: ICIS news]
HOUSTON (ICIS)--Claims that biofuels have been the primary driving force behind food prices rising globally are exaggerated, the Renewable Fuels Association (RFA) on Friday.
The RFA’s comments came in response to a US Department of Agriculture (USDA) report released on 28 June, which said it was unrealistic to attribute most of the rise in food commodity prices to biofuel production.
For example, crop prices dropped more than 30% during the last half of 2008, while biofuel production continued to increase, the USDA said.
“Further, nonagricultural prices rose more than agricultural prices, and the price of corn, an ethanol feedstock, rose less than for rice and wheat, not biofuel feedstocks,” the USDA said. “Clearly, there were other factors at play.”
For more on biofuels visit ICIS chemical intelligence
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|