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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)
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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)
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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)
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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)
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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)
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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)
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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)
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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)
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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)
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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)
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Study of the market
position and future strategic options for an existing ethanol producer.
(2007)
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Evaluation of an
existing ethanol producer’s grain origination and delivery system.
(2007)
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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)
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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)
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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)
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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)
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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)
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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)
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Business plan
development for an ethanol facility proposed in the Midwest. (2006)
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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)
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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)
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An evaluation of U.S.
federal and state biodiesel policy and tax incentives available to
biodiesel producers. (2006)
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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)
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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)
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Study of the financial
feasibility of establishing an ethanol facility in Ukraine. (2005)
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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)
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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)
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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)
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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)
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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)
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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)
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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.
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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.
