Food giant Archer Daniels Midland may be looking overseas to feed our domestic energy needs.
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Corn processor ADM calls itself the supermarket to the world.
But lately the Illinois-based company’s acting like the fueling station to the world.
It controls a third of our ethanol market, but a Wall Street Journal report indicates ADM may soon invest in Brazilian ethanol.
Phil Flynn analyzes energy trends for Chicago-based Alaron Trading.
He says US corn farmers can barely keep up with current ethanol mandates, and Congress is heaping on more.
Flynn: It’s going to be very difficult to meet those demand goals. And it’s also going to keep food prices down at the same time, so this is going to be a major challenge. I think ADM is pretty smart in looking into this alternative fuel.
There’s no guarantee ADM will profit from Brazilian imports.
The US currently imposes a 54-cent per gallon tariff on foreign ethanol.
I’m Shawn Allee.
Chicago Public Radio.