US ETHANOL PRODUCTION CAPACITY OVER 14 BLN GALLONS
Nov 29 (Reuters) - The U.S. biofuels industry has more than 14 billion gallons in annual production capacity for fuel ethanol, according to new industry and government data, but growth has hit a plateau and experts see steady but slow capacity growth going forward.
A government report issued Tuesday shows fuel ethanol industry maximum sustainable capacity at 193 plants capable of churning out 14.2 billion gallons a year or 929,000 barrels a day. The data, issued as a first-ever report by the Energy Information Administration, is nearly a year old, based on information as of Jan. 1, 2011.
SAO MARTINHO SEES HIGHER SUGAR PRICES IN BRAZIL
SAO PAULO, Nov 28 (Reuters) - The decline of the Brazilian currency against the dollar should improve sugar prices in local terms and therefore profit margins, an executive at sugar and ethanol producer Sao Martinho said on Monday.
The Brazilian real dipped about 17 percent in the last quarter, and economists do not expect it to return to the stronger levels reached earlier this year. After touching its highest mark in 12 years in July, at around 1.54 to the dollar, it is now traded around 1.85 to the dollar.
BRAZIL'S NORTHEAST CHURNS OUT RECORD CANE CROP
SAO PAULO, Nov 25 (Reuters) - Boosted by plentiful rain, Brazil's northeast is reaping a record sugarcane crop, while output declines in the main center-south region, industry officials and analysts said.
The use of new more robust cane varieties and an expansion of irrigated areas also contributed to the increase in cane output, which could top 67 million tonnes, up from last season's 63 million tonnes, they said.
EU OPENS INVESTIGATION INTO U.S. BIOETHANOL SUBSIDIES
BRUSSELS, Nov 25 (Reuters) - The European Commission launched an investigation on Friday over complaints that U.S. bioethanol exporters are using unfair state subsidies to sell their fuel to Europe at illegally low prices, a statement in the EU official journal showed.
The investigation follows a formal complaint by EU bioethanol industry association ePURE in October, which alleged that tax credits in the United States allow its exporters to cut their EU selling price by about 40 percent, EU diplomats said.
ICE SUGAR HAS FLOOR AROUND 17 CENTS-JOB ECONOMIA
SAO PAULO, Nov 23 (Reuters) - ICE front-month raw sugar futures prices would have a floor of around 17 cents a lb, as Brazilian mills would find ethanol biofuel more remunerative than sugar around this level, an analyst said on Wednesday.
ICE front-month, March raw sugar futures closed down 1.5 percent at 23.09 cents a lb on Wednesday, the lowest level in 5-1/2 months.
US ETHANOL OUTPUT RISES SLIGHTLY, STOCKS UP 2 PCT
Nov 23 (Reuters) - U.S. ethanol production rose slightly and stocks climbed 2 percent in the last week, the Energy Information Administration reported Wednesday.
U.S. ethanol production totaled 917,000 barrels per day in the seven days to Nov. 18, up 1,000 bpd from the previous week.
CHESAPEAKE, PARTNERS SET SUNDROP BIOFUEL PLANT SITE
Nov 23 (Reuters) - Sundrop Fuels Inc, a biofuel startup financed by Chesapeake Energy Corp CHK.N> and venture capitalists, selected a site in Louisiana to build its first commercial production facility.
Sundrop expects to break ground for the $500 million facility, which will use wood waste combined with hydrogen from natural gas to produce gasoline, in the fall of 2012, a spokesman for the project said on Wednesday.
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