Studies of the ethanol, corn, and distillers grains markets for two separate ethanol facilities being built in the western Corn Belt.  The studies included ten-year price projections, and one served as the independent market consultant’s report for the institution leading the financing of the operation.  (2008)

A study of the financial feasibility of corn fractionation at existing ethanol plants and an associated centralized corn-oil extraction facility.  The markets for ethanol, corn, corn oil and the co-products of fractionation and oil extraction (high-protein distillers grains and two smaller-volume feed ingredients were analyzed in detail, and ten-year price forecasts were developed.  Informa developed financial projections and calculated feasibility metrics for the ethanol plants and the oil-extraction operation.  (2008)

A study of sugar markets and government policies and the economics of sweet sorghum production and molasses procurement on behalf of a proposed ethanol operation considering the use of the products as feedstocks.  (2008)

Developed and conducted an ethanol risk-management seminar in conjunction with the World Ethanol conference, the premier international ethanol conference hosted by F.O. Licht in Paris.  (2007 and 2008)

Study of the local and regional markets and basis levels (i.e., cash prices minus futures prices) for soybeans and soybean meal around an integrated soybean crushing and biodiesel facility, on behalf of a financial institution involved with the operation.  (2008)

A multi-client study regarding the future of global vegetable oil markets.  The study evaluated the oilseed and vegetable oil sectors in several major producing nations, given the expected growth of biodiesel production in the U.S., European Union, Brazil, Southeast Asia and other countries, as well as competition for acreage due to existing tightness in global supply/demand balances for grains and oilseeds.   The study also examined the supply/demand and price implications of the move away from partially hydrogenated vegetable oils (that are associated with trans fats) to healthier oils in North America. (2008)

A comprehensive study regarding global biodiesel feedstock (i.e., vegetable oils, animal fats, and alternative/developing feedstock) availability, sustainability, and sourcing strategies for biodiesel and/or renewable diesel facilities in North America.  The study developed an economic feedstock biodiesel model for multiple locations in North America and developed a market entry strategy.  (2008)

A detailed assessment of the U.S. animal fats market in North America including a analysis of supply/demand drivers, pricing patters and relationships, ownership structure, sourcing strategies, and market outlook.  (2008)

A feasibility of locating several animal-fat biodiesel plants in Eastern Canada. (2008) 

A study of the drivers of corn and soybean prices, including the role of ethanol and biodiesel, and forecasts of the biofuels and commodity markets for a multinational feed ingredient manufacturer.  (2008)

An analysis and forecast of the pricing of Renewable Identification Numbers (RINs), which are credits that are generated by the usage of biofuels by an obligated party above levels mandated by the Renewable Fuel Standard (RFS) and that can be traded to an obligated party that is short of mandated usage levels.  Biodiesel prices also were forecast over the next decade, as were the prices of biodiesel-specific RINs applicable to the portion of the RFS “carved out” for biodiesel by the Energy Independence and Security Act of 2007.  (2008)

A feasibility study of an integrated biofuel operation including canola production in Western Canada, canola crushing, and biodiesel production and distribution in Canada and the US. (2008)

An analysis the impact of energy prices on consumer food prices.  (2008)

The development of international crop acreage forecasts utilized in land-use studies related to biofuels production.  (2008)

A study of the market for barley as a feedstock for East Coast ethanol facilities.  The study investigated the likely supply response by farmers in the region given the recent commercialization of high-yielding varieties, examined historical pricing patterns for barley relative to corn and forecast the price of barley delivered to the facilities over the next decade.  (2008)

An evaluation of the production economics of miscanthus, an “energy crop” that is a potential feedstock for second-generation ethanol production, relative to other crops in a region of the U.S.  (2008)

An evaluation of the economics to ethanol facilities from installing equipment to pellet distillers grains rather than selling conventional distillers grains.  The study included an analysis of cost savings associated with transporting higher bulk density pelleted distillers grains versus conventional product, as well as an assessment of the receptivity of different end-users of distillers grains toward receiving pelleted product.  (2008)

A comparison of the economics of ethanol production at a facility in an ethanol destination market versus a typical facility in a corn origination area.  (2008)

An evaluation of the competitiveness of delivered prices to the East Coast of ethanol produced in the Midwest versus imported product, considering transportation and handling costs as well as tariffs on direct imports from Brazil.  (2008)

An analysis of the geography of corn origination areas around ethanol production facilities in the western Corn Belt.  (2008)

 A study funded by the U.S. Department of Energy regarding the development of a canola industry east of the Mississippi River, with the objective of determining whether canola oil can become a significant part of the food consumption and energy feedstock mix in the region.  The potential for development of downstream energy and other value-added products from canola oil was evaluated.  The study encompassed an evaluation of the relative economics of producing canola versus other crops, as well as identification and evaluation of five specific sites that could be viable locations for an integrated canola-crushing and energy production facility.  (2008)

Development of a “reasonableness opinion” of a business plan drafted by a proposed biodiesel operation, on behalf of a financial institution considering raising funds for the project.  (2008)

A number of separate projects analyzing the ethanol, corn and distillers grains markets for facilities proposed in various locations around the United States and Canada.  The analyses included ten-year price projections.  Most of the studies served as the independent market consultant’s reports for institutions leading the financing of the facilities; some served as decision-support materials for potential investors.  Some of the individual projects involved multiple sites.  (2007)

Two separate assessments of the corn and co-product markets for ethanol facilities planned for nontraditional locations in the U.S. that intend to fractionate the corn they process, producing corn germ (the oil-bearing fraction of the kernel) and a high-protein feed ingredient in addition to ethanol and carbon dioxide.  Grain supply and co-product markets were analyzed in detail, and ten-year price forecasts were developed.  Informa assisted with co-product offtake options for one of the operations and analyzed the attractiveness of the alternatives, including the use of the high-protein fraction in a nontraditional segment of the domestic feed market and the potential for exports.  The studies were both conducted on behalf of the equity investors.  (2007)

Development of a business plan for an ethanol facility proposed for the Southwest U.S.  Forecasts of the ethanol, corn and distillers grains markets were conducted.  Ten-year cash flow projections were developed, and the net present value of the facility was estimated, along with and the internal rate of return on equity.  (2007)

A study for the Renewable Fuels Foundation analyzing the potential causes of consumer food price inflation, and specifically investigating whether ethanol industry growth is a significant cause of higher food prices.  (2007)

Two studies for the U.S. Grains Council regarding exports of distillers grains.  One study analyzed transportation options and related costs for exports to 11 Asian countries, specifically assessing the economics of shipments in containers versus bulk movements.  The second study served as an independent evaluation of the Council’s market promotion programs overseas.  (2007)Updated version of the well-subscribed 2006 multi-client study on the outlook and impact of ethanol in North American refining and gasoline markets.  An in-depth section on cellulosic ethanol was added.  (2006)

Research study to evaluate the market for biodiesel cold-flow solutions.  It includes a review of exiting technologies and market survey with companies in the biodiesel and fuel supply chain.  The project developed an economic model to quantify and value the market for a particular cold-flow technology. (2007)

Feasibility study for a large animal fats and yellow grease biodiesel plant. The feedstock markets (tallow, poultry fat, choice white grease, vegetable oil and yellow grease) were analyzed to estimate supply availability and pricing for the plant, including a 10-year outlook.  Local and regional biodiesel markets were examined and prices were forecast over a ten-year period. The study included a financial evaluation and investment assessment.  The study served as the independent market consultant’s report for the project’s stakeholders. (2007)

Soybean, soybean oil and meal, diesel/biodiesel and glycerin markets were analyzed, and prices were forecast over a ten-year period. The study included a complete financial evaluation of both the crushing and the biodiesel businesses.  The study served as the independent market consultant’s report for an institution leading the financing of the facilities. (2007)

Feasibility study for a small soybean/canola crushing and biodiesel plant in the Northeast. The feedstock and diesel markets were examined and prices were forecast over a five-year period. The study included a financial evaluation of both the crushing and the biodiesel businesses.  The study served as the independent market consultant’s report for a group of investors of the facility. (2007)

For a Russian/European firm, an assessment of establishing an oilseed crushing facility in Estonia to support regional biodiesel plants.  Work included a full evaluation of the supply chain from North America and Brazil and an assessment of the impact such a facility would have on the growth and development of the local and regional feed market. The oil and meal supply//demand of regional destination markets such the Baltics and Scandinavian countries and Russia were examined.  The 2007 feasibility included an examination of the regional biodiesel market and its impact on regional vegetable oil demand and pricing. (2007, partially updated from a 2003 study)

Comprehensive pre-acquisition due diligence study of the oilseed crushing and biodiesel markets for the U.S., Europe, South America, China, India, Malaysia and Indonesia.  The study examined the structure of the market, the policy environment, the economics of crushing and biodiesel, oilseeds available in each country, and the ten-year supply/demand outlook of oilseed crushing and biodiesel production in each region.  The study served as the independent market consultant’s report for a group of investors of the facility. (2007)

Study of the market position and future strategic options for an existing ethanol producer.  (2007)

Evaluation of an existing ethanol producer’s grain origination and delivery system.  (2007)

Analysis of the agricultural commodity markets related to ethanol production, on behalf of a major oil company.  (2007)

Assessment of the competitiveness of ethanol delivered to the U.S. through a Caribbean Basin Initiative country.  (2007)

Ongoing assessment of the biodiesel and oilseed feedstock markets for multiple facilities proposed in the U.S.  Ten-year price projections will be provided for soybean oil, biodiesel prices and margins.  (2007)

Comprehensive market study of the oilseed crushing and biodiesel markets for the U.S., Europe, South America, China, India, Malaysia and Indonesia.  The study examined the structure of the market, the policy environment, the economics of biodiesel and the ten-year supply/demand outlook of each region. (2007)

Feasibility study for a large soybean crushing and biodiesel plant.  Soybean, soybean oil and meal, diesel/biodiesel and glycerin markets were analyzed, and prices were forecast over a ten-year period. The study included a complete financial evaluation of both the crushing and the biodiesel businesses.  The study served as the independent market consultant’s report for an institution leading the financing of the facilities. (2006-07)

Feasibility study for a large biodiesel plant in Iowa. The feedstock, diesel and glycerin feedstock markets were analyzed, and prices were forecast over a ten-year period. The study examined optimal scale, technology provider, feedstock procurement strategies and other issues.    Based on these forecasts and expected capital expenditures and standard operating costs, ten-year cash flow projections were customized for the proposed plant.  (2006-07)

Two studies for the U.S. Department of Agriculture regarding the renewable fuels industry.  One project involved profiling the business models in use in the renewable fuels industry, elaborating the advantages and disadvantages of those models and determining whether any public policy initiatives are needed to optimize the alignment of particular models to the conditions each best suits.  The second project focused on profiling investment patterns by farmers and other rural investors in renewable fuel operations, ascertaining whether such patterns are changing and determining whether any public policy initiatives are needed to permit farmers and other rural investors to participate in further industry growth.  (2006-07)

Five separate financial feasibility studies of ethanol facilities proposed for the Mid-Atlantic, Southeast and Plains.  The ethanol, corn and distillers grains markets were analyzed and prices were forecast, and potential revenues for carbon dioxide were included in the financial projections where appropriate.  Ten-year cash flow projections were developed, and the net present value of each facility was estimated.  One of the studies involved an assessment of the advantages and disadvantages of fractionating corn to produce corn germ (the oil-bearing fraction of the kernel), a high-protein feed ingredient and fiber in addition to ethanol.  One was funded by the Department of Energy.  (2006)

Multi-client study on the outlook of the Canadian oilseed and biodiesel markets.    The future trajectory of biodiesel production in the Canada was forecast, along with the geography of production and consumption.  The ability of the Canadian sector to supply the necessary quantities of feedstock was analyzed.  Biodiesel, canola prices were forecast over the next decade. (2006)

Eleven separate projects analyzing the ethanol, corn and distillers grains markets for facilities proposed in the Midwest, Plains and Southwest.  The analyses included ten-year price projections.  Most of the studies served as the independent market consultant’s reports for institutions leading the financing of the facilities as well as for potential investors.  Some of the individual projects involved multiple sites.  One of the facilities is integrated with a livestock operation.  (2006)

Investment advisory services for a company considering a large-scale equity infusion into a proposed multi-site ethanol operation.  The project involved background analysis on the industry and a comparison of the economics of ethanol production at the proposed sites versus traditional production locations.  (2006)

Assessment of the grain procurement options and development of a 10-year forecast of feedstock costs for an ethanol facility proposed in a nontraditional production location.  (2006)

Ongoing market feasibility studies for biodiesel facilities proposed throughout the U.S. The biodiesel, fuel distribution, feedstock (i.e., vegetable oil and animal fats) and glycerin markets are being analyzed, and prices are being forecast over a ten-year period.  (2006/07)

Feasibility study for a large, integrated biodiesel plant in the Midwest. The soybean, vegetable oil and glycerin feedstock markets were analyzed, and prices were forecast over a ten-year period.  Based on these forecasts and expected capital expenditures and noncommodity operating costs, ten-year cash flow projections were developed, and several profitability and debt coverage ratios were estimated.  (2006)

Multi-client study on the outlook and impact of ethanol in North American refining and gasoline markets.  The future trajectory of ethanol production in the U.S. was forecast, along with the geography of production and consumption.  The ability of the U.S. corn sector to supply the necessary quantities of feedstock was analyzed, along with the ability of the U.S. livestock/poultry sector to absorb the distillers grains resulting from future levels of ethanol production.  Ethanol, corn and distillers grains prices were forecast over the next decade.  Government policy and ethanol trade issues were addressed, and the implications for the transportation sector were determined.  (2006)

Multi-client study of the biodiesel market opportunities in Canada.  The study examined issues related to feedstock availability, fuel supply, biodiesel industry structure, financial viability, policy environment and regional competitiveness.  (2006)

Business plan development for an ethanol facility proposed in the Midwest.  (2006)

Assessment of the implications for a Class I railroad operator from the expansion in the volume and geography of ethanol and biodiesel production.  (2006)

Analysis of the economics of ethanol imports into the U.S.  (2006)

Feasibility study for a biodiesel facility proposed for several locations along the Mississippi River, including forecasts of the biodiesel, glycerin and feedstocks Based on these forecasts and expected capital expenditures and processing operating costs, ten-year cash flow projections were developed, and the net present value of the facility was determined. (2006)

A structural and competitive analysis of the U.S. biodiesel industry for a large biodiesel equipment manufacturer. The study included an evaluation of the main technology providers, a detailed analysis of the structure of the biodiesel industry and short and long-term outlook. (2006)   

 An evaluation of U.S. federal and state biodiesel policy and tax incentives available to biodiesel producers. (2006)

Biodiesel feasibility study for a regional fuel distributor in Arkansas, Tennessee and Missouri.  The study examined the potential supply/demand of biodiesel in the region (by county) in order to determine the volume of biodiesel that the firm will be able to market.  The report also analyzed the economic implications of alternative partnership arrangements with the client’s biodiesel provider.  (2006) 

Independent market consultant’s report for an institution leading the financing of a company purchasing two ethanol facilities and considering the construction of three others.  Corn and distillers grains prices were forecast for each of the locations.  (2006)

Update of an independent market consultant’s report originally conducted in 2005, forecasting ethanol, corn and distillers grains prices for a facility proposed in the Pacific Northwest.  The report was conducted through a financial institution leading the financing of the facility, on behalf of potential participants in the funding.  (2006)

Advisory services related to the potential acquisition of an ethanol facility.  The ethanol, corn and distillers grains markets expected to be experienced by the facility were analyzed in connection with the project.  (2006)

Site-selection study for new ethanol facilities, reviewing ethanol markets, corn price impacts, distillers grains markets and transportation infrastructure (rail and fuel infrastructure) in multiple locations.  (2006)

Assessment of the potential demand for ethanol and industry implications associated with the reduction of methyl tertiary butyl ether (MTBE) usage in the U.S. fuel supply.  (2006)

Multi-client study of the future opportunities for biobased products, including renewable energy applications for biomass.  (2006)

Assessment of the differential impacts on livestock markets from the growth of ethanol production and associated distillers grains output in the U.S. and Canada.  The assessment was part of a broad economic study conducted on behalf of a Canadian livestock producers group.  (2006)

Study of the financial feasibility and feedstock options for a biodiesel facility proposed for the East Coast.  The study examined several feedstock option and plant size alternatives.   The report included a comprehensive set of financial/cash flow scenarios (2006)

Study of feedstock and biodiesel distribution options for a biodiesel facility currently operating in the central U.S.  (2006)Study of the ethanol, corn, distillers grain and carbon dioxide market conditions for an ethanol facility proposed for the East Coast, on behalf of a potential equity investor.  The study included a detailed assessment of the corn surplus/deficit in the area, the extent to which locally produced corn could be procured and the potential market for distillers grains among livestock operations, as well as such location-specific factors as transportation to multiple terminal markets and potential revenues from carbon dioxide.  (2005/2006)

Study of oilseed procurement and risk management strategies for a planned biodiesel facility in the Northern Plains, and assistance in the development of a business plan and consideration of whether to include an oilseed crushing facility in the project, subsequently conducted a study of the feasibility of the planned facility.  (2005)

Review of the business plan for a proposed ethanol facility and of the feedstock supply and ethanol and distillers grains offtake agreements negotiated by its operator, on behalf of a firm considering an equity investment in the facility.  (2005)Study of the financial feasibility of establishing an ethanol facility in Ukraine.  (2005)For a major trade association, a study of the feasibility of using ethanol to replace a lead-based fuel in a segment of the aviation gasoline market. (2005)

For an entrant into the ethanol industry, a site-selection study for new facilities, reviewing ethanol markets, corn price impacts and distillers grain markets in multiple locations.  Prices were forecast for each location, with cash margins compared across locations.  (2005)

Financial feasibility study for of a small scale (10 million gallon per year plant) biodiesel facility proposed for the Midwest.  The study included an evaluation of the economic and financial viability of producing biodiesel and glycerin as well the development of projected financial statements and investment analysis. This plant is currently under construction. (2005)

Financial feasibility study for of a large biodiesel facility proposed for the Midwest.  The study included a comprehensive review of the biodiesel industry and evaluation of the economic and financial viability of producing biodiesel and glycerin.  This plant is currently under construction. (2005)Study of corn and distillers grain market conditions in multiple locations where ethanol facilities were proposed; the study included forecasts of netback prices to the facilities for distiller’s grains, as well as the costs at which corn would be procured.  (2005)

Price forecasts for the products from a proposed ethanol facility that would fractionate corn; ethanol and corn prices specific to the plant also were forecast.  The report was conducted as an independent market consultant’s report through a financial institution leading the financing of the facility, on behalf of potential participants in the funding.  (2005)

Study of vegetable oil market implications of the expansion of the biodiesel industry, as well as development of vegetable oil procurement strategies, for a proposed biodiesel facility in the Midwest.  (2005)

Study of the market conditions for ethanol, corn and distillers grain for a proposed ethanol facility in the Western Corn Belt; the study included forecasts of netback prices to the facility for ethanol and distillers grains, as well as the costs at which corn would be procured.  The report was conducted as an independent market consultant’s report through a financial institution leading the financing of the facility, on behalf of potential participants in the funding.  (2005)

Study of grain procurement options and economics for a proposed ethanol facility in the Southern U.S. (2005)

Study for the United States Department of Agriculture (USDA) regarding the current and future structure of the ethanol industry and the role that the availability and management of information has in sustaining that structure.  (2005)

Forecasts of corn and distillers grains prices for a West Coast ethanol facility. (2005)

Study for a private company regarding the viability of constructing an ethanol facility in a longtime member state of the European Union.  (2005)

Study of the basis impact of establishing an ethanol facility in a location near other large-scale production operations. (2005)

For a large regional utility company considering investing in the ethanol industry, the prices of ethanol, corn and distillers dried grains were forecast, a list of proposed ethanol facilities and those under construction was developed, and capacity was forecast through 2015.  (2005)

For the Louisiana Bond Commission, documents related to the financial viability of a proposed combination sugarcane syrup and ethanol mill were reviewed, and expert testimony was provided in front of the Commission.  (2005)

Five site-specific studies in 2004 for separate companies considering investing in ethanol facilities.  The studies involved analyses of corn and sorghum availability near the predetermined sites, estimated the grain basis (price) impact of new ethanol facilities at the sites, evaluated the markets for the co-product distillers dried grains near the sites, and forecast the prices of corn, sorghum, ethanol and distillers grains over the next decade.  One study was conducted as an independent market consultant’s report through a financial institution leading the financing of the facility, on behalf of potential participants in the funding.

For two separate companies, site selection studies for new ethanol facilities, reviewing ethanol markets, corn price impacts and distillers grain markets in multiple traditional and nontraditional ethanol production locations.  Prices were forecast for each location, and margins were compared across locations.  (2004)

For a state renewable fuels association, a study of the economics of selling distillers dried grains to nontraditional areas versus current practices.  Feed ingredient prices and transportation rates were assessed for a number of locations, along with physical considerations that would affect efforts to supply the various markets.  (2004)

For an investment bank assisting in the financing of an ethanol facility, a review of the mechanics of the ethanol, corn and distillers dried grains markets was conducted, prices for all three commodities were forecast, and supply and offtake agreements were scrutinized (2004).

For a financial corporation considering providing debt to an ethanol company, the key regional markets for the operation’s ethanol and distillers dried grains outputs were assessed (2004).

Study of the feasibility of co-locating an ethanol facility with poultry production (2004).

Multi-client study in 2003 forecasting the future volume of coproducts of ethanol and other corn-processing operations in the U.S.; potential consumption of coproducts domestically (by market segment) and internationally; and co-product prices.  Specific co-products investigated included distillers grains, corn gluten feed, corn gluten meal and corn oil.  As part of this analysis, the size of the U.S. ethanol market was forecast through 2013 by metropolitan area and state, and ethanol prices and margins were forecast.  The future paths of the other primary products of wet milling, including high fructose corn syrup, glucose/dextrose and starch, also were quantified.

For a biodiesel producer, a study of the impact that a potential increase in biodiesel production would have on the U.S. soybean oil market (2002).

Study for the State of Mississippi regarding its strategy for attracting and establishing new ethanol facilities, as well as the general feasibility of several proposed facilities (2002).

Multi-client study in 2001 forecasting the size of the U.S. ethanol market by metropolitan area and state through 2010.  Ethanol prices and margins and coproduct prices also were forecast, and likely transportation patterns were evaluated.

Multi-client study in 1994 forecasting the size of the U.S. ethanol market by metropolitan area and state through 2000.  The markets for feed coproducts also were assessed.

Study for a global petroleum company in 1992 regarding the U.S. markets for fuel, industrial and beverage alcohol, including price dynamics.

Study for a major ethanol producer in 1991 forecasting the size of the ethanol market in the 1990s and investigating price implications for corn and feed co-products.