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The market is increasingly concerned that the continuous expansion of biofuel refining capacity in the United Kingdom may lead to further soaring wheat prices. In the UK, producers use wheat to produce bioethanol. Wheat prices rose sharply at the beginning of last month, which was close to the highest level in the past two years because Russia banned grain exports. According to media reports, there is currently only one biofuel plant operating in the UK, but there are also four other plants under construction. According to the British Agriculture and Development Board, the three factories will be put into operation in 2014 and will need 3 million tons of wheat, equivalent to about one-fifth of the wheat in the UK. The demand for biofuels in the UK will further increase to achieve the EU's 10% biofuel blending target by 2020.
Wheat prices raise concerns about UK biofuel production
According to the British media recently, the sharp increase in wheat prices has caused the market to question the UK's biofuel production. The United Kingdom has been vigorously developing biofuels to reduce its dependence on imported crude oil.