US ethanol blend rate to increase 12 pct by 2010: ADM

CHICAGO, May 13 (Reuters) - U.S. agricultural processor and ethanol producer Archer Daniels Midland (ADM.N) sees the U.S. ethanol blending rate increasing to 12 percent by 2010, up from the current allowed maximum of 10 percent, company executives said on Wednesday.

ADM is also open to acquiring existing ethanol facilities from bankrupt biofuels makers, but said any plants put up for sale would have to be "a great fit at a great price for us to consider it," said ADM Chief Financial Officer Steve Mills said.

He was speaking at the BMO Capital Markets' Agriculture, Protein, and Fertilizer conference.

source: reuters