(AMES, IOWA) – The agriculture industry stands to benefit largely from the Summit Carbon Solutions pipeline project.
Bruce Rastetter, who is the Chairman of Summit Ag, says the project will create new markets for agriculture and ethanol.
“This project has been about responding to new markets around the world,” he said in an exclusive interview with The Flag’s What’s On Your Mind on Monday. “We literally have corn and almost all commodities, corn, soybeans, wheat, below the cost of production, because we have proven that we can produce more than the world can consume. The surpluses continue to grow, so we need to continue to add value out of those crops.”
Rastetter said ethanol plans will grow by as much as 700 million bushel per year. Currently, Summit Carbon Solutions has 57 ethanol plants partnering in the Summit Carbon Solutions project.
The ethanol plants stand to make between 30 and 35 cents extra per gallon, which means the plant can pay equivalent to one dollar per bushel of corn more than today, Rastetter said.
“We know corn drives all world commodity markets,” he said.
