Biofuels now account for a significant and growing part of global production of a number of crops. Higher feed prices also may induce supply reductions in the livestock industries, although the full effect is somewhat mitigated with the incorporation of biofuels co-products into feed rations (distillers’ grains, oilseed meal). Biofuel mandates and blending targets, which are satisfied regardless of price, introduce inflexibility into the demand for feedstocks, contributing to the extent of required price adjustments in the event of a shock and price volatility.