Czarnikow Sees Improved EU Ethanol Outlook After U.S. Drought
by Whitney McFerron (Bloomberg) Surging corn prices and policy changes in the U.S. and European Union mean the outlook for the EU’s ethanol industry has “improved dramatically” this year, Czarnikow Group Ltd. said.
U.S. ethanol prices have rallied as drought damaged corn crops in the Midwest, making the European biofuel more competitive, the London-based company said today in an e-mailed statement. The U.S. Congress allowed an ethanol tax credit for refiners to expire last year, and the EU tightened regulations on imports in March. Better prospects for profits may encourage plants to boost output, Czarnikow said. READ MORE