The integration of energy and agricultural markets
研究了2005年后美国乙醇繁荣如何使原油、汽油和玉米价格紧密关联，并分析了2008-2009年市场变化及玉米乙醇行业面临的混合墙等问题，最后展望了纤维素生物燃料的前景。
Abstract This article addresses the evolving links between energy and agricultural markets. Prior to 2005, there was little correlation between energy and agricultural commodity prices. In 2006–2008, with the ethanol boom in the United States, there emerged a strong link between crude oil, gasoline, and corn prices. There was little link between ethanol and corn. However, in late 2008 and 2009, the markets changed as ethanol production came under severe economic pressure and 2 billion out of 12 billion gallons of capacity shut down. During this period ethanol became priced more on corn, as the breakeven corn price helped drive the ethanol market. This article explores the drivers in these markets as well as other major issues facing the corn ethanol industry in the United States such as the blend wall. The article concludes with a review of prospects of a future cellulosic biofuels industry.