ADM CEO says long-term goal is non-food biofuels

Reuters
Wed Oct 14, 2009 7:04pm EDT
By Christine Stebbins

DES MOINES, Oct 14 (Reuters) - The long-term goal for the biofuels industry will be to use nonfood sources for raw materials rather than grains, but to reach that goal industry must build on and not abandon current technology, biofuels giant Archer Daniels Midland (ADM.N) said on Wednesday.

"My belief is agriculture can contribute to both -- both higher food production and these other elements of the food chain that contribute to other ingredients in our daily life including fuels," ADM Chairman and Chief Executive Officer Patricia Woertz told reporters at the World Food Prize forum.

"But it won't be the only platform. It will probably be a more advanced technology of second and third generation that are not food-based fuel substances," she said.

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