The rapidly expanding biofuel industry has changed the fundamentals of U.S. agricultural commodity markets. Increasing ethanol and biodiesel production has generated a fast-growing demand for corn and soybean products, which competes with the well-established domestic livestock industry and foreign buyers. Meanwhile, the co-products of biofuel production are replacing or displacing coarse grains and oilseed meal in feed rations for livestock. These developments in the agricultural and energy markets change the distribution of domestic grains and feeds and the utilization of shipping modes, which is likely affect the prices and basis of grains and other feedstocks in spatial markets.

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Tun-Hsiang (Edward) Yu
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