Evan’s family is cleaning up
Posted by Rich Sweeney on April 4, 2008
While the rest of us are being forced to DRINK LESS
Corn prices — already up 30 percent this year — yesterday jumped to a record $6 per bushel on the Chicago Board of Trade….Worldwide demand for corn to feed livestock and produce biofuels is putting enormous pressure on global supply, and with the U.S. planting less corn this year, the supply shortage will worsen….Corn growers are reaping record profits……
Couple things. First, why is that I can’t turn on the news without hearing, invariably in very tragic terms, about soaring gasoline prices, yet there is almost no coverage of soaring food prices? According the the BLS, American’s spend about 3X as much of their income on food as they do on gas.
Second, in light of the “record profits” being reaped by corn growers, how long until Ed Markey hauls these greedy farmers before Congress? Let’s just say I’m not gonna hold my breath. Until then though, anyone care to explain to me how these two commodities are different?