Soybeans Set The Stage For What Should Be, An Interesting Week Next Week February 10, 2023
Bloomberg newswire reports the Exxon is stepping away from its efforts for algae based biofuel. They had a partnership with a California based company since 2009. As they have pulled the plug on funding the company has reduced its staff by 60%. They have also ended support in two other biofuel projects. Exxon's senior director of technology suggested, "We need to get on the deployment curve for carbon capture, for hydrogen, for biofuels. Algae still needs some more work." This news is psychologically positive as it is further recognition algae will not be a viable competitor in the biofuel market any time soon. It also reduces some of that talk in recent years that dried algae would be a good source of protein/forage in feedlot rations.
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