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Biofuels

Biofuels. Farm Management In-Service Ames, Iowa Oct. 12, 2010 Chad Hart Assistant Professor/Grain Markets Specialist chart@iastate.edu 515-294-9911. Ethanol Production. Source: EIA 2010 Projection by Hart. Biodiesel Production. Source: EIA 2010 Projection by Hart.

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Biofuels

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  1. Biofuels Farm Management In-Service Ames, Iowa Oct. 12, 2010 Chad Hart Assistant Professor/Grain Markets Specialist chart@iastate.edu 515-294-9911

  2. Ethanol Production Source: EIA 2010 Projection by Hart

  3. Biodiesel Production Source: EIA 2010 Projection by Hart

  4. Monthly Ethanol Data Source: EIA

  5. Fuel Prices

  6. Ethanol Penetration

  7. Monthly Biodiesel Data End of Tax Credit End of “Splash and Dash” Source: EIA

  8. Renewable Fuels Standard (RFS)

  9. Renewable Fuels Standard (RFS)

  10. Oil Prices Source: EIA for history NYMEX for future

  11. Gasoline Consumption Source: EIA, Annual Energy Outlook

  12. Ethanol Blends

  13. RFS

  14. RFS Coverage

  15. Ethanol Blending Advantage

  16. Co-Product Pricing (Jan. 2010 = 1)

  17. Corn Composition • Looking for: • Improved efficiency • Reduced energy usage • Reduced water usage • Diversified product stream Why Fractionate? Source: 2009 FEW Conference presentation by Reg Ankrom (CPT)

  18. Capital Costs • Range from $10 million to $40 million for a 50 million gallon ethanol plant • The inclusion of corn oil extraction technologies moves costs to the higher end of the spectrum • Most vendors point to a payback period of under 3 years Variable Costs • Decreased energy needs per gallon for: • Liquidification and cooking • Distillation • Drying of distillers grains and solubles • Possible energy generation from bran • Could reduce energy demand by nearly 50%

  19. Product Streams Corn costs: $4.98 per bushel, Illinois ethanol plant report (USDA-AMS, as of Oct. 8, 2010) Traditional ethanol plant: 2.8 gallons of ethanol @ $2.01/gallon = $5.63 17.75 lbs. of DDGS @ $144.50/ton = $1.28 Revenues per bushel = $6.91 Ethanol plant w/ fractionation: 2.72 gallons of ethanol @ $2.01/gallon = $5.47 13.5 lbs. of high protein DG @ $154.50/ton = $1.04 5 lbs. of germ @ $158/ton = $0.40 3 lbs. of bran @ $75/ton = $0.11 Revenues per bushel = $7.02

  20. Tapping into Many Markets Source: 2009 FEW Conference presentation by Neal Jakel (Delta-T)

  21. BCAP • Biomass Crop Assistance Program • To support production of crops for bioenergy and assist with collection, harvest, storage, and transportation of biomass to conversion facilities • Matching payments • $1 for each $1 per ton paid by conversion facility, up to $45 per ton, for 2 years

  22. BCAP State Contracts Payment Maine 408 $34,842,076 California 291 $29,458,438 Alabama 586 $24,509,263 Georgia 354 $21,499,949 South Carolina 253 $14,638,308 Florida 134 $12,595,046 New Hampshire 130 $11,822,402 Michigan 247 $10,268,635 Texas 114 $ 8,468,858 New York 142 $ 7,703,127 • Iowa has fewer than 4 contracts, so no payment figures are released. Source: USDA-FSA

  23. BCAP Resources Contracts Payments Bark 1,418 $46,696,187 Fuelwood 744 $34,403,825 Hardwood chips 805 $32,521,203 Forest harvest slash 386 $30,012,559 Forest thinnings materials 399 $27,220,001 Softwood chips 491 $17,661,305 Orchard wood waste 123 $15,000,377 Sawdust 357 $12,400,919 Pellets 70 $ 5,367,939 Non-edible, non Title 1 56 $ 3,226,417 plant processing waste and scraps Corn cobs 15 $ 61,612 Source: USDA-FSA

  24. Thank you for your time!Any questions?My web site:http://www.econ.iastate.edu/~chart/Iowa Farm Outlook:http://www.econ.iastate.edu/outreach/agriculture/periodicals/ifo/Ag Decision Maker:http://www.extension.iastate.edu/agdm/

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