A number of ingredients used for
biofuel composition have risen in value, following speculation that alternative energy sources will become popular.
Corn prices jumped to their highest level in over two years, while soybeans and wheat also experienced increases, Bloomberg reports.
Due to soaring oil prices, sparked by investor concerns that supply may be hampered by ongoing violent protests in Libya, demand for biofuel sources is set to jump, the news provider claimed.
"May-delivery
corn jumped as much as 3.3 per cent to $7.4425 (£4.60) a bushel, the highest price since July 7th 2008, on the Chicago Board of Trade," it added.
Torrential rainfall in Brazil's primary soy-producing regions has restricted the nation's harvest, with values for May delivery of soybeans reaching highs of $13.975 a bushel.
Earlier this month,
biofuel analysis from information provider RISI predicted that wood demand for biomass purposes will soon reach 19 million tonnes.
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