If the cellulose to ethanol route can be proven economic/profitable, existing ethanol plants might have more value if converted. That is a big IF. I still like the more estabished part of adm to grow along with population and emerging middle class markets.
Actually the subject should be "ADM and Bio-chemicals". You people need to read and google Metabolix, ADM's partner in their biodegradable plastic production project. Metabolix is all about cellulose for biochemicals not just ethanol or much better butanol. The USA uses huge amounts of oil, foreign and domestic, to produce petrochemicals that could be replaced economically by home grown biochemicals. http://www.allbusiness.com/agriculture-forestry/agriculture-crop-production/6635504-1.html
Broin, now called Poet, is a privately owned company that also produces over a billion gallons of ethanol. They are already modifying their plants to use cellulose corn crop waste in addition to corn grain to produce ethanol. It works for them and these people are much more innovative than ADM at ethanol production methods. However ADM's strategy of using corn for multiple sought after biochemical products- sweetener, plastic, ethanol, etc. - is a great LONG TERM STRATEGY!!!
In 10 or 20 years I believe that over half of our transportation will be powered by electricity and eventually oil will no longer be an important commodity. If you read "Scientific American" their March issue discusses many options for producing all the electricity we will ever need from renewable sources.
If you have investments in coal, oil, and Natural Gas there is no reason to commit suicide. This will take considerable time. There is no switch on the wall that will replace Fossil Fuel technology in an instant, but it SHOULD eventually happen and it will make ECONOMIC SENSE.