Soaring oil pushes up biofuel prices

HIGH oil prices pushed markets for agricultural commodities to new highs last week.

But there’s even better to come, according to many global commodity analysts. “In inflation-adjusted terms, prices for agricultural commodities are still below their real highs, so their valuations remain very attractive,” said Michael Lewis, head of commodities research at Deutsche Bank.

As future prices for crude oil surged to $100 a barrel, the price trend for maize went to $4.66 a bushel, within touching distance of its recent 11-year high.