Soybean prices have reached their highest level since 1983 in figures released by the USDA

USA Today reports that the 1200% increase in biodiesel production over the past three years is being blamed for high soybean prices. According to the report, 12% of the US soybean crop was used for biodiesel in the fiscal year ending September 30, 2007, up from 8% in the previous year and 2% in 2005.

Reports such as these are likely to increase calls for accelerated development of cellulosic ethanol, as food vs. fuel arguments continue to gain traction.

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