The impact of biofuels on the world fertilizer market

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1 The impact of biofuels on the world fertilizer market By Oliver Hatfield, Director Integer Research Ltd TFI Conference, November 2007

2 Presentation overview Definitions and scope Factors which translate biofuel market developments into fertilizer demand Recent global biofuel developments and forecast The impact on fertilizer demand

3 Definitions and scope

4 Some definitions Biofuel renewable crops used for transportation Technology 1G Bioethanol (sugar and starch-based) and Biodiesel (vegetable oils) 2G (cellulosic, etc) years away

5 Transport fuel share of global energy consumption, total = 7.8 billion toe Non-energy* 9% Electricity** 1.1% Commercial & Residential 38% Biofuels 1.4% Transport 26% Fossil Fuels 97.5% Industry 27% *Non-energy uses primarily include fossil fuels used for petrochemicals ** Here electricity includes only non-fossil fuel sources such as hydro, nuclear energy, solar or geothermal Source: IEA

6 Global farming industry energy production breakdown for 2006 Fish, Meat and Animal Products Others* 10% 6% Roots & Tubers 6% Sugar Crops 7% Oil Crops 9% 1100 Mtoe 1100 Mtoe Livestock Feed 29% Other** 2% Industry 3% Biofuels 4% Cereals 63% Potential Feedstocks for First Generation Biofuels Technologies Food & Beverage 62% * Pulses, vegetables, fruit, nuts etc. ** Seed production, processing losses, transportation losses, etc. Source: FAO

7 Factors which translate biofuel in to fertilizer demand

8 What factors translate biofuel market developments into fertilizer demand? Crop price Oil price Subsidy required Economic - profit incentive Political Environmental factors Gov t mandated targets Biofuel output by crop Raw material crop required Crop yield and land required Fertilizer app. rate Fertilizer use for biofuel

9 Political drivers Energy security, diversity of sources, reduced dependence Employment and industrial development Agricultural support - Higher crop prices = happy farmers

10 Environmental drivers In general, CO2 saving with intensification Expansion of land =? Source: IEA, various

11 Economic drivers rising oil prices Brent crude oil, US$/TOE, $ of the day Source: DOE

12 Relative Price, 1991 = 100 Relatively stable crop prices, until US - Maize Malaysia - Palm Oil EU - Wheat Source: USDA, World Bank

13 Feedstock sensitivity analysis for biodiesel cost of production vs. fossil diesel Crude Oil: US$ 33 / bbl Palm Oil: US$ 222 / ton Soybean Oil: US$ 270 / ton Rapeseed Oil: US$ 397 / ton Crude Oil: US$ 98 / bbl Palm Oil: US$ 667 / ton Soybean Oil: US$ 810 / ton Rapeseed Oil: US$ 1190 / ton Source: Integer

14 Feedstock sensitivity analysis for bioethanol cost of production vs. gasoline Crude Oil: US$ 33 / bbl Sugar Cane: US$ 9 / ton Maize: US$ 61 / ton Wheat: US$ 80 / ton Crude Oil: US$ 98 / bbl Sugar Cane: US$ 26 / ton Maize: US$ 183 / ton Wheat: US$ 239 / ton Source: Integer

15 Projection of biofuel production Forecast fuel consumption National/regional targets: are these targets achievable given economics, politics etc? % share of biofuel of total transport fuel consumption Biofuel production forecast: By region, by fuel

16 Biofuel raw material crop requirements Biofuel capacity/production by crop US ethanol from corn, diesel from soybeans Brazil ethanol from sugar, diesel from soybeans Europe ethanol from cereals, diesel from rapeseed

17 Land requirements and fertilizer consumption Crop production/yield = land use by crop Fertilizer application rate x land use by crop = biofuel related fertilizer consumption

18 Recent global biofuel developments and forecast

19 Source: Integer Biofuel production split bioethanol & biodiesel

20 Source: Integer Biofuel production split, by region

21 Biofuel production forecast total by region Biofuel Production, Mtoe US Brazil EU SEA ROW Downside Upside Source: Integer

22 EU targets elusive, but still major impact on land use Biofuel planted area (thousand hectares) Source: Eurostat, Integer

23 30% USA biofuel demand taking over corn Corn use for ethanol as % of total corn production 25% 20% 15% 10% 5% 0% Source: USDA, Integer

24 Brazilian biofuel area continuing to expand strong fundamentals, mature market Planted area (million hectares) Source: Dept of Agriculture, Brazil; Integer

25 Rest of the World Indonesia and Malaysia oil palm growth and strong potential But doubts over exports, recent economics unfavourable, no subsidies Rest of the world Developing - lower on political agenda than food security Developed- many schemes and targets, but compared to big 3, biofuels potential is much smaller

26 Impact on fertilizers

27 Measuring the biofuels effect on fertilizers Factors to consider: - Impact overall: change in world fertilizer consumption as a result of crop production related to biofuel - Change in fertilizer consumption at country/region level in biofuel producing/consuming countries - Changes in other countries/regions affected indirectly increased fertilizer use as a result of shifting crop patterns, supply gaps, higher crop prices

28 Base case: N, P and K fertilizer consumption on crops used to produce biofuels (thousand tonnes nutrient) USA EU-27 Brazil SE Asia Rest of the world Source: Integer, FAO, USDA, ANDA, IFA

29 The relative impact of biofuels growth Assuming non-biofuel fertilizer demand increases by a straight line 2.5% per year to 2012: Increase in nitrogen demand for biofuels 7% of total increase (biofuels + non-biofuels) Increase in phosphate demand for biofuels 8% of total increase Increase in potash demand for biofuels 15% of total increase

30 What is happening at a country/region level Growth in nitrogen in US for corn, at the expense of soybeans (low N) In the EU: Switch to rapeseed in Europe, biggest increase in nitrogen Expansion of area reduction of set aside Growth in sugar cane in Brazil, some expansion of soyabeans for diesel, more so to compensate for lower US production

31 Knock-on effect on other countries/regions EU/US area is constrained such that productivity increases are insufficient to supply new biofuels market demand Impact of biofuels on crop markets: Lower US corn availability for export Lower US soyabeans availability Lower EU cereals crop availability Reflected in higher cereal/oilseed prices Positive impact on countries with potential for intensification (dormant crop yields, immature fertilizer use) And potential for land expansion Brazil

32 Summary and conclusions

33 Summary and conclusions The relationship between land and energy is now strongly established Technological lock in, sunk investments, political commitments Winners land owners, farmers, input suppliers Losers crop consumers, tax payers? Biofuels and renewable energy are high on the political agenda, even though 1G economics are questionable

34 Summary and conclusions Biofuels will continue to exert significant positive influence on the fertilizer industry: Across all nutrients In biofuel producing/consuming countries In countries with intensification/expansion potential for filling crop supply gaps But, key point to watch Longer term growth rate subject to swings in energy and crop prices, and political decision making

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