Cargill Chief Warns Against Biofuel Boom

May 30, 2007 (LPAC)--Gregory Page, the new CEO of Cargill, the agro-firm, told the Financial Times in an interview yesterday that the boom in biofuels could be derailed by a succession of poor harvests and intensifying upward pressure on food costs, as more and more land is devoted to energy-related production. The allocation of land could be distorted, with the potential of creating food shortages around the world in the wake of "weather-related crop problems," Page said. "The big risk is that we are sowing the seeds of unintended consequences." The Financial Times reports that other food producers like Tyson have sounded the alarm as well.