Food industry cautious about market effects of ethanol push

02/21/2008 | Bloomberg

The food industry is raising concerns over the market effects of U.S. government initiatives to substitute gasoline with renewable fuels, particularly corn-based ethanol. Corn prices have risen while global inventories are dropping, signaling difficult times for an industry besieged with rising food and fertilizer costs. "We are mandating and subsidizing something that is distorting the marketplace. There are no excess commodities, and prices are rising," GMA President Cal Dooley said.

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