Wednesday Editon

03.03.10

Global

OIL RISES WEDNESDAY ABOVE $80 A BARREL
NYMEX crude oil rose 1.3% to $80.69 a barrel Wednesday after a US government report showed that refinery operating rates climbed to the highest level since Oct., bolstering demand, Bloomberg reports. Refinery utilization increased 0.7 percentage point to 81.9% in the week ended Feb. 26.

VITOL OWNS 25% OF OIL PRODUCTS STORED ON SHIPS
Vitol owns almost 25%, 20 million barrels of a total 79 million barrels, of refined products stored on ships in the third week of Feb., Bloomberg reports. Trafigura had almost 11 million barrels of refined products on tankers.

North America

SENATORS INTRODUCE BILL THAT INCLUDES BIODIESEL TAX CREDIT
March 1, Senate Majority Leader Harry Reid (D-Nev.) and Sen. Max Baucus (D-Mont.) introduced the American Workers, State and Business Relief Act, a $150 billion piece of legislation that includes an extension of the biodiesel tax credit, and could see a vote this week, Biodiesel Magazine reports.


VERENIUM ANNOUNCES SUCCESSFUL USE OF SOYBEAN TECHNOLOGY BY MOLINOS
Verenium has announced that Molinos Rio de la Plata, Argentina's leading soybean processor, has successfully begun use of Verenium's Purifine enzymatic degumming process that increases yields in edible oil production at its San Lorenzo facility in Argentina, according to a press release.


RANGE FUELS RECIEVES $80 MIL USDA LOAN GUARANTEE
USDA has announced that Colorado-based Range Fuels, with a planned biofuels plant in Georgia is the recipient of an $80 million loan guaranteed by USDA's Biorefinery Assistance Program to make cellulosic ethanol from wood chips. The plant is expected to produce 20 million gal/yr.

SOYBEANS GAIN FOR FOURTH SESSION
Soybeans gained for a fourth session and corn rose on concern that unusually heavy rain will damage crops in Argentina as the global recovery improves demand for food, animal feed and biofuel. CBOT soybean futures for May delivery rose 0.6%, to $9.6925 a bushel at 10:40 a.m. Wednesday, Bloomberg reports.


BIOX COMPLETES REVERSE TAKE-OVER TO GO PUBLIC
BIOX Corp. of Canada has completed a reverse take-over, enabling it to go public, the Company announced. BIOX's common shares will be listed on the Toronto Stock Exchange effective at 5:01 p.m. EST on March 2 under the symbol "BX."

CANADA INVESTS $77 MIL IN GREENFIELD ETHANOL PLANT
Canada will invest nearly $77 million through its ecoENERGY for Biofuels program to expand GreenField’s Quebec ethanol plant, Reuters reports. The Varennes plant's capacity will increase from 31 to 38 million gal/yr.

CANADA'S MAPLE LEAF SIGNS BIODIESEL FEEDSTOCK AGREEMENT WITH BIODIS IRELAND
Canada-based Maple Leaf Reforestation has announced a three-year Exclusive Purchase and Supply Agreement for biodiesel feedstock oil with Biodis Engineering Ireland, according to a press release.


South America

BRAZIL SOYBEAN EXPORTS FALL IN FEB.
Brazil's soybean exports slipped to 664k mt in Feb. from 690k mt in Febr. 2009, the Foreign Trade Ministry said on Monday, CME reports. This compared with 93k tons of soybeans exported in Jan., the ministry said.

Europe

EU WILL ADOPT 30% EMISSIONS TARGET BY 2020
Netherlands environment minister Jacqueline Cramer said the EU will “definitely” adopt a 30% target by 2020 and that “it will happen before UN talks in Cancun in Mexico,” Argus reports. Spanish climate change minister Teresa Ribera Rodriguez agreed that the 30% target will be adopted, but chose not to elaborate on timing.

Asia / Pacific

MALAYSIAN CRUSHERS SEEK 100K TONS SOYBEANS
Malaysian crushers want to buy 80k-100k tons of soybeans for shipment in May and June, likely from South America, CME reports. Traders said Malaysia is seeking delivered cargoes at CBOT + $1.50.

CPO FUTURES DECLINE TUESDAY TO $774/MT
Palm oil futures in Malaysia declined yesterday as crude oil traded below $80 a barrel, reducing the appeal of vegetable oils processed to make biodiesel. The contract for May delivery lost as much as 1.3% before ending at $774/mt.

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