(Bloomberg) -- Americans are going to drive this summer like the pandemic never happened, if U.S. ethanol production is any gauge.Output rose last week to the highest level since February 2020, which was shortly before U.S. shelter-in-place orders began. The boost in production is going to help when consumers start hitting the road during the upcoming vacation season, according to Renewable Fuels Association President Geoff Cooper.Ethanol production should remain strong as makers of the biofuel
Food imports costs across the world are expected to surge to record levels this year, piling pressure on many of the poorest countries whose economies have already been ravaged by the COVID-19 pandemic, the U.N. Food Agency said on Thursday. These high costs may persist for a sustained period as nearly all agricultural commodities have become more expensive, while a rally in energy markets could raise farmers' production costs, the Food and Agriculture Organization (FAO) said. "The problem is not the world facing higher prices," Josef Schmidhuber, deputy director of the FAO's trade and markets division, told Reuters.
Global food import costs are expected to rise 12% in 2021 to a record due to surging commodity prices and robust demand during the COVID-19 crisis, the United Nations food agency said. The world's food import bill, including shipping costs, is projected to reach $1.715 trillion this year, from $1.530 trillion in 2020, the Food and Agriculture Organization (FAO) said in its twice-yearly Food Outlook report on Thursday. Growth in agricultural trade during the pandemic showed the inelastic nature of food consumption and the resilience of international markets, but price rises since late 2020 were raising risks for poorer import-reliant countries, the FAO said.