In France photovoltaics is fire all woodWe employ directly more than 2000 people in ChinaUnemployment benefits are almost nonexistentTurkey in wolves BRGM is has been that of feathersBut there are still nearly 150 bodies of notation in the worldOf course everything will depend on the newsBut it is the price to pay when there is highendAMF wishes today to a lowering of the threshold to 30Remains a last Nugget financial servicesMore than 55 of new online shoppers are womenWhile the main products of energy mark way and metals are seeking a new life, corn is, the last few months, worthy of a large speculative raw performance. Close to 4 dollars per bushel, currently the most treaty contract, for delivery in March 2007 by the Chicago Board of Trade, advance more than 56 since mid-September, months in which most of us farmers start harvesting.
Yet, it is hardly a general upturn for cereals. The engine of his ascension is to look at his job, in several countries, such as raw bioethanol, "clean" fuel alternative to gasoline. In the United States, including, more than 10 of gasoline contains bioethanol. This country is the world's main producer of this fuel environmentally with 164 million hectoliters in 2005 and 180 million expected this year. Since 2001, the distillation of bio-ethanol in the United States increased by approximately 20 per year and should exceed the 300 million hectoliters at the end of the Decade. Ethanol is the third outlet of us corn, behind the animal food and exports.
Adjustment of the estimates
The next year, this position could exceed sales abroad. On an annual US corn production of 273 million about expected tonnes in 2006-2007 by the international grains Council, 55 million tonnes will be used for the distillation of the alternative fuel, or 20 of the total (14 in 2005). These data are quite enough to explain the cereal prices soaring. And this flight is insensitive to the forecasts of a rich harvest in the United States. Probably the third most abundant of the history of the country after those of 2004-2005 and 2005-2006.
Yet, in the past, any good season it was translated by violent corrections to prices. Two years ago, to a record rate of 11.8 billion bushels, the course had fallen $ 3.40 in April to 1.94 dollar ten months later. According to the CIC, in 2006-2007, the gap between production and consumption of corn in the United States should tighten. Production estimates are to be adjusted down by 4 million tonnes, to 273 million, however, that domestic consumption is still expected an increase of 5 on an annual basis, to 243,6 million tonnes. And this despite a review fell by 1.3 million tonnes from October.
Key role of China
"Higher prices should stop feeding demand, early 153.7 million tonnes, against 156 million a month earlier," indicate the economists of the international organization. On the other hand, "industrial consumption, which accounts for some 35 of domestic use (30 a year ago), should significantly increase due to high demand for ethanol", are they. A more tense in the US market comes a new year of global crop below the volumes consumed on a global scale. For 2006-2007, the international grains Council is expected at a cumulative rate of 688 million tonnes and a claim of 721 million tonnes with a stock decline to 92 million tonnes.
This trend is bound to deepen especially if China, now exporting NET corn, driven by net importer in the next few years due to the growth of consumption of bioethanol. In the first three quarters of 2006, China sold abroad 2.27 million tonnes of wheat, 68.3 less than a year ago. Conversely, imports peaked at 59.000 tons, forty-six times those recorded between January and September 2005. China spends less than 20 of its production of corn for industrial uses, but 44.5 8.9 million tons is used to distill the biofuel.
