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ADM's CEO defends biofuels amid rising food prices

Tue Apr 29, 2008 9:47am EDT

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CHICAGO, April 29 (Reuters) - The chief executive of leading ethanol producer Archer Daniels Midland Co (ADM.N) said on Tuesday that any change in the U.S. energy bill or biofuels policy due to rising global food prices would be wrong and misguided.

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"I actually find it sad and even a little ironic that this attack on biofuels is directed to the one alternative we have today," said Chairman and CEO Patricia Woertz on a conference call with analysts.

"Biofuels are a real solution to a real problem. To retreat from biofuels is wrong. It's foolish. It's dangerous. It's an empty gesture. It won't fill anyone's stomach. It won't fill anyone's gas tank," she added.

"It's misguided to think about changes in the energy bill," Woertz said. (Reporting by Lisa Shumaker, editing by Gerald E. McCormick)



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