LESS PALM OIL, LESS CANE - THE GLOBAL 2014 FEEDSTOCK PORTFOLIO FOR BIOFUELS

摘要

Latest price increases for grains and the recent drought in Brazil did not fail to have an impact on our estimates for global feedstock use for biofuels (i.e. fatty acid methyl ester (FAME), fuel ethanol and hy-drotreated vegetable oils (HVO)). One year ago, there was a revival of the food vs. fuel debate, following the devastating 2012 droughts in the United States and the former Soviet Union countries. Meanwhile, prices are on a lower level than one year ago, but the grain markets receive upward pressure from soybeans, while there is spill-over from the crisis in Ukraine and speculation over a return of the El Nino phenomenon later this year. This means the nexus between fuel and food prices remains relevant, even in times of an easier global grains balance.