Topic: Biofuel News - UPDATE_1-US soy, corn soar on big biofuel mandate hopes, USDA - Guardian Unlimited
Department of Agriculture cutting its estimates of the amount of corn and soybeans left at the end of the 2007/08 marketing year in August of 2008. But corn and soybeans gained technical momentum as the session progressed amid hopes that the Senate will vote in favor of an amendment to a farm bill that would require the production of 36 billion gallons of biofuels by 2022 — five times more than this year’s output — as a fallback in case an energy bill falters. Already, the government is estimating that 24 percent of the 2007 corn crop will used to produce ethanol, up from 14 percent just two years ago. There wasn’t anything bearish in the S&D report other than a little upward revision in the global ending stocks,” said Terry Reilly, analyst with Citigroup.
