Cargill reported that its second quarter earnings for last year jumped 34 percent over the same time a year ago… due in part to the increased demand for ethanol and biodiesel. Earnings went from about $500 million in the same quarter in in fiscal year 2006 to more than $660 million dollars for the quarter ending November 30th. In addition, the first six months of FY2007 Cargill earned $1.16 billion. That’s a jump of about 16 percent!

In a company statement, Cargill Chairman and CEO Warren Staley, said “Similar to the first quarter, we experienced fast-changing markets in the second period, brought about by the interest in biofuels, investor flows into commodity futures and other markets offering diversification, and expansionary economies in many parts of the world. ”

Cargill runs two ethanol plants… one in Eddyville, Iowa and one in Blair, Nebraska… and this past spring has just opened a biodiesel plant in Iowa Falls, Iowa.