The demand for biofuels has increased rapidly in recent years. Global ethanol production tripled between 2000 and 2007, will double again by 2017, and biodiesel production will more than double in 10 years. These biofuels are produced by corn, sugar and oil crops
the expansion of production is bound to lead to a spike in the prices of those crops.
Higher agricultural commodity prices will lead to lower production of biofuels