(Bloomberg) -- Soybean futures in Chicago rose,
extending a rally to 35-month highs, as increased demand for
alternative fuels made from oilseeds boosted soybean oil prices
to the highest in 23 years and reduced supplies for cooking.
The European Union, the biggest biodiesel market, wants
fuels made from crops to make up 5.75 percent of transportation
fuel by 2010, to reduce dependence on fossil-based energy. U.S.
biodiesel production jumped to 250 million gallons last year from
75 million in 2005 because of government subsidies of $1 per
gallon to mix the fuel with petroleum-based diesel.
Read more at Bloomberg Commodities News
extending a rally to 35-month highs, as increased demand for
alternative fuels made from oilseeds boosted soybean oil prices
to the highest in 23 years and reduced supplies for cooking.
The European Union, the biggest biodiesel market, wants
fuels made from crops to make up 5.75 percent of transportation
fuel by 2010, to reduce dependence on fossil-based energy. U.S.
biodiesel production jumped to 250 million gallons last year from
75 million in 2005 because of government subsidies of $1 per
gallon to mix the fuel with petroleum-based diesel.
Read more at Bloomberg Commodities News
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