According to a new report, the biofuels industry contributed $277.3 billion to the global economy in 2010. “Contribution of Biofuels to the Global Economy” was commissioned by the Global Renewable Fuels Alliance (GFRA) and outlines the economic footprint of the biofuels industry. The actual research was conducted by Cardno Entrix. Global biofuel production produced 110 billion litres in 2010 and supported nearly 1.4 million jobs in all sectors of the global economy according to GFRA. By 2020 the industry is forecasted to produce over 196 billion litres and support over 2.2 million jobs across all sectors worldwide. It is expected that the majority of future growth will come from developing nations in Asia and Africa. “It is promising to see the global biofuels industry growing during these difficult economic times,” said Bliss Baker, spokesperson for GFRA. “The global biofuels industry is a bright spot in the current world economy and is contributing billions of dollars to output and creating hundreds of thousands of jobs all while reducing ourreliance on crude oil.”

Baker added that a growing biofuels industry in developing nations will help bring wealth, jobs and prosperity while reducing reliance on oil. He concluded by noting that the report truly demonstrates the how far the biofuels industry has come in the past decade and showcases continued growth of the industry.

Source: Domestic Fuel

Dr. Michael Ladisch, director of the Laboratory of Renewable Resources Engineering and Distinguished Professor of Agricultural and Biological Engineering at Purdue University, will deliver the keynote address to participants at the grand opening of the National Corn Growers Association’s Corn Utilization and Technology Conference, June 4 in Indianapolis, Ind.

“Dr. Ladisch ’s work focuses on bringing biotech products to large numbers of people,” said  NCGA Research and Business Development Action Team Chair DeVonna Zeug. “We are excited to have him set the stage for three days of discussion among the corn industry’s leading researchers, processors and business representatives.”

At Purdue University’s Laboratory of Renewable Resources Engineering, Ladisch and his colleagues address topics in bioprocess engineering as they apply to bioenergy, bioproducts, biorecovery and bionanotechnology. He has authored 150 journal and proceedings papers, issued and applied for 14 patents and is the recipient of several scientific recognitions including the Paul Dana Biofuels Award of the Indy Racing League. Dr. Ladisch is a member of the National Academy of Engineering, is Chief Technology Officer of Mascoma Corporation and serves on the scientific Advisory Board of Agrivida.

This year, CUTC’s agenda features cutting-edge technologies and new uses positioned to dynamically change the corn industry. The conference will debut presentations complementing the work of the Aflatoxin Mitigation Center of Excellence, which emphasizes the importance of mycotoxin control in all phases of production and processing. The CUTC poster session and other scheduled activities will provide opportunities for attendees to interact with peers and business contacts.

CUTC will be held at the Westin Indianapolis in downtown Indianapolis, Ind., June 4-6. Visit www.corntechconf.org for more information and to register online. The Indiana Corn Marketing Council is one of the sponsors of the conference this year.

Source: NCGA

Oil prices weakened on Tuesday for a fifth day running as Greece’s post-election uncertainty added to signs of economic slowdown on both sides of the Atlantic and fanned concerns about weakening demand for petroleum as supply increases. But crude futures, the euro and U.S. stocks all pared losses after initially dropping sharply on news that Left Coalition leader Alexis Tsipras will not cooperate with Greece’s two main parties unless they renege on pledges made to abide by a bailout deal made with the European Union and the International Monetary Fund. “Failure to take out Monday’s lows caused the shorts that had piled in the market to turn,” said Gene McGillian, analyst, Tradition Energy in Stamford, Connecticut.

Tuesday’s pared losses still left Brent down 5.79 percent over five sessions, with U.S. crude off 8.62 percent, the biggest five-day percentage losses since October. Oil prices also felt pressure early after Saudi Arabian Oil Minister Ali al-Naimi said the kingdom’s output was around 10 million barrels per day (bpd) and that the world’s top exporter was storing 80 million barrels in case of any disruption in supplies.

Source: Reuters

Crude-oil futures closed lower for a fifth session on Tuesday, as weakness in global markets in the wake of elections in Europe dented expectations for economic growth.

Crude for June delivery fell 93 cents, or 1%, to settle at $97.01 a barrel on the New York Mercantile Exchange, following a drop of 55 cents in the prior session. It touched an intraday low of $95.52.

Oil futures have now tallied a five-session loss of 8.6% to stand at their lowest level since early February.

“European growth concerns and market jitters following the U.S. employment report on Friday have placed the two greatest risks to the global economic outlook front and center,” said Jason Schenker, president of Prestige Economics.

“Rising U.S. oil inventories have also weighed” on prices, he said.

A string of weekend elections in Europe — France, Germany and Greece — saw voters reject established leaders, with Socialist challenger François Hollande defeating incumbent French President Nicolas Sarkozy. And Greece is now locked in political turmoil after parliamentary elections left the country’s parties struggling to form a government.

“The decline in equity and oil prices squares with the uncertainty and diminished outlook for the euro zone,” said Michael Fitzpatrick, editor-in-chief of the Kilduff Report.

“There was little chance that the [European Union] was going to find a relatively painless way out of its conundrum when the crisis broke several years ago, and there is even less chance now,” he said. “The dismal prospect for aggregate demand, particularly for oil, is growing as remedies become fewer and less palatable.”

Meanwhile, the latest round of U.S. economic data are “troubling in itself,” said Schork Report analysts. They pointed to the weaker-than-expected growth in nonfarm payrolls for April along with a drop in March factory orders that showed a 33.8% decline in orders for the transportation sector, aircraft and parts.

“Not only does the aviation sector account for the U.S.’s largest single source of export revenue, a slowdown in orders is also reflective of weaker global demand,” said the analysts.

Gold also settled sharply lower on Tuesday, while the dollar rose. Strength in the greenback adds pressure to dollar-denominated commodities.

U.S. and European stocks fell, though Asian markets generally rebounded overnight.

Source: Myra P. Saefong and Barbara Kollmeyer, MarketWatch.com