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NO CLEAR ANSWERS ON ENERGY LEGISLATION YET
Senate Majority Leader Harry Reid’s pledge to bring energy legislation to the floor this summer is intensifying political jockeying among senators for their favorite plans, and spurring a furious push to keep carbon limits. No clear answers emerged from Reid's Thursday meeting with committee chairmen, while a broader Senate Democratic caucus meeting on energy awaits this coming Thursday, The Hill reports.
BIODIESEL RACK PRICES AVERAGE $1.50/GAL OVER DIESEL
Diesel rack prices last week averaged $2.145/gal, off less than 1.5cts from a week ago. Biodiesel prices slipped about half as much as petroleum diesel over the week, averaging $3.645/gal, putting B100 at $1.50/gal over petroleum diesel, OPIS reports.
SOY FUTURES RISE MONDAY
Soybean futures for November delivery rose 7.75 cents, or 0.8%, to $9.1675a bushel in Chicago Monday. The price has fallen 12% this year, Bloomberg reports.
ARGENTINE GRAIN INSPECTORS DELAY STRIKE
Argentine grain inspectors, who are seeking a 48% salary increase, suspended a strike scheduled to start Monday amid further pay talks. “We are meeting with employers tomorrow and if we don’t settle we will see how we can suspend our activities,” an URGARA union official said. Read more
BIOFUELS SHIPPED THROUGH ROTTERDAM SLIP IN 2009
The total volume of biofuels shipped through the Port of Rotterdam fell slightly in 2009 after hitting a record high in 2008. Incoming ethanol cargoes amounted to around 1.5 mil mt in 2009, compared with around 1.75 mil mt in 2008. Read More
INEOS BIO RECEIVES GRANT FOR WASTE BIOETHANOL PLANT
INEOS Bio has been awarded a $10.6 mil grant towards construction costs for Europe’s first bioethanol from waste plant. The 24k mt/yr plant would convert biodegradable household and commercial waste into biofuel and renewable electricity. The plant at Seal Sands could be operational by 2012. Read more
BP SHARES EXTEND DECLINE, US GOV. SEEKS $20 BIL ACCOUNT FOR DAMAGES
BP extended falls and was down more than 10% Monday, with traders citing worries about its dividend, as it faces a massive bill to clean up the Gulf spill, Reuters reports. Senate Democrats have urged BP to set up a $20 billion independent account to pay for the economic and environmental damages from the gulf oil spill.
Asia / Pacific
INDONESIA PLEDGES BIOFUELS SUBSIDY
Indonesia’s state budget has pledged at least as much support for the distribution of biofuels to ensure local producers do not incur losses. The government has proposed to allocate a higher subsidy for the distribution of biofuel in the 2011 budget. Read more
PALM OIL RISES FOR FIRST TIME IN 6 DAYS
Palm oil rose for the first time in six days amid concern the Argentine supply of soybeans and soybean oil may be affected by a port strike, Bloomberg reports. August-delivery futures added 1% to 2,410 $742/mt on the Malaysia Derivatives Exchange, snapping a five-day drop of 3.6%.
USDA HOLDS FORECAST FOR SOYOIL OUTPUT FOR BIODIESEL
USDA has held soybean oil devoted to biodiesel output for 2009-2010 unchanged at 2.2 billion pounds, and forecasts that soybean oil use going to biodiesel production will climb 32% in the next season beginning Oct. 1, OPIS reports.
As projected in its previous report, the agency sees 2.9 billion pounds of soy oil to the biodiesel industry in 2010-2011.
In last month’s report, USDA explained that “soybean oil used for biodiesel production is projected up 700 million from 2009-2010” adding it foresaw “biodiesel production gains more than offset reduced food use.”
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