DUBAI (Reuters) - A director of commodity trading giant Glencore on Sunday questioned the conversion of corn into ethanol biofuel, saying it can contribute to higher prices.
Critics of using foodstuffs to make fuel say the process can drive up food prices by reducing available supplies, hitting the world's poorest people hardest.
Responding to a question in a panel discussion at the Kingsman Dubai sugar conference, Chris Mahoney, director of agricultural products at Glencore, said; "Ethanol production from grains and from edible oil is questionable."
He added, "It has been a factor in creating a higher price environment."
Sunny Verghese, CEO of commodity merchant Olam International Ltd, which trades a range of agricultural commodities, was more critical of the use of corn to make ethanol.
"It is inappropriate. It does not make sense to convert corn to ethanol," Verghese told delegates.
"But it makes sense to convert sugarcane to ethanol."
Later Verghese told Reuters: "I don't believe that converting corn into ethanol helps the food complex. I don't think, given the input-output usage efficiency, it makes a lot of sense to do this."
He did not elaborate.
The February 2-5 Kingsman sugar conference has gathered more than 600 sugar trade leaders from around the world.
(Reporting by David Brough; editing by Keiron Henderson)
Hey, The Supreme Court Might Decide On ‘Assault Weapons’ After All
Watch This Fast Food Worker Explain Why She Deserves to Be Paid More Than Paramedics
ICYMI: Triumph the Insult Comic Dog ends campus political correctness as we know it
Hickok45 Has Huge Hands! Or Maybe Something Else Is Going On...
Flint’s Water Poisoned by Federal, State and Local Government Failures
Ridiculously Hilarious: MSNBC's Mitchell Gets Bad Case of the Vapors Over Cruz Ad Mocking Hillary | RedState
David Brooks and Obama's Ongoing Pant Crease | Human Events