Maize prices on the world market have reached the highest level in ten years’ time.
This message was issued by the Dutch press agency ANP.
Decreasing US stocks, coupled with a large demand from China have doubled future contracts prices in ten years’ time for more than $4 per unit. Prices rose even further when crop predictions for next season were said to be dropping.
Having about 40% of world production, the US seem to play a key role in world market price for maize. About 20% of this production is processed for producing bio-ethanol – compared to about 6% back in 2000. It is thought that in the future even more will be used for biofuels.
Six years ago, the US counted 54 factories, producing altogether 7.6 billion litres of bio-ethanol. At the moment about 100 factories produce over 19 billion litres and more factories will be built.