Daily Summary for Wednesday August 1

In today’s producer news, a new ethanol plant has been proposed for Virginia, but the plant is expected to consume 80 million bushels of corn, more than double Virginia’s state corn harvest, prompting imports from the Midwest and overseas to meet demand. In South Dakota, a successful test has been completed of a process that produces ethanol from corn cobs. Financing for the cellulosic ethanol project, expected to produce 50 million gallons of ethanol per year, has come from the US Department of Energy. The cellulosic process results in higher yields and decreased water usage.

In research news, a new report projects a gasoline glut and declining gasoline prices by 2010 as biofuels production continues to come online. In Germany, a major grain trader said that increased biofuels production would increase grain and oilseed prices for the coming year. Meanwhile, the annual report on biofuel consumption in Europe was released, with Germany and France representing almost 60% of consumption. Biodiesel accounts for more than 70% of consumption in those countries.

In policy news, the Chairman of the United Nations Permanent Forum on indigenous issues warmed that up to 5 million indigenous peoples in Indonesia could become refugees due to increased cultivation of land for palm oil.

In international news, the first ethanol-powered production car in Australia went through its test drives this week. The first biodiesel plant in Eastern Europe opened this week in Romania. In Ghana, the World Bank has announced a $95 million investment in Ghana’s energy sector, with investment available for biofuels projects.

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