Following Mike Robinson, Pres. Of North Prairie Productions, presentation at Common Council in November 2007, Ald. Fred. Juergens asked a question:
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Way to go Fred! It was the million-dollar question back in November.
ReplyDeleteTheir response made sense back in November. Problem is, all the commodity markets exploded, including soybean oil, during Jan/Feb.
http://www.futures.tradingcharts.com/chart/SO/M
When they stopped construction soy-oil was in the high 30's and moving up. When they responded in Nov., they identified $40 soybean oil. Well, during this current run, the market hit $70, yes, seventy!! The market "softened" and breifly hit $50, before rsing again to near $60.
Tha reality is that few analysts think we will ever hit $30 again.
As long as the "Ethanol Scam" persists, it will keep corn artificially high, and that's when the economic dominoes fall. There are obviously other factors at work here. All bio-fuels are not equal.
I live in Evansville, and looked foreward to the economic benefits of the soy-diesel plant. But it's now time to stop wishing. Based on the current reality of commodity markets, the city better start planning on plan-B...the soy-crush facility. It may pay more for soybeans, but at least it will get more for oil & meal.