CORN, SOYBEANS KEEP CLIMBING AHEAD OF USDA REPORT

It won't be too much longer and prices at the local grocery store are going to skyrocket.

Yes, I agree. It's going to get real bad. What isn't made from corn or soybeans anymore?

Hmmmmm...sounds like bad things coming very soon...

Can you imagine what would happen to any type of restaurant? Pople aren't going to be able to afford to eat out...what will happen to all those businesses? Talk about a downward spiral...

Sounds like more opportunity to introduce GMOs grown in a lab. Cheaper than the real thing, of course.

[link to moneymorning.com]

How disgusting. I saw something in my local news this morning too about Monsanto giving some "rural education" grant to schools, kind of funny considering they like to run over small farmers.

Dominos. Restaurants are very dependant on both food prices and the available disposable income in the area. When they go down unemployment goes up which means less disposable income. It's a nasty spiral.

The key words are "Demand Rationing". Lets start with getting rid of ethanol production that consumes nearly half of the corn crop in a "normal" year. Alternatively, there will simply not be enough to go around and how many will already go hungry from a lack of US grain exports?

Then I heard what sounded like a voice among the four living creatures, saying, "A quart of wheat for a day's wages, and three quarts of barley for a day's wages, and do not damage the oil and the wine!"

Rev. 6:6

Pretty soon only the rich will be eating well. We'll be fighting over table scraps with the dogs.

It's not a coincidence the FEDS are going after farmers, especially the organics.

NOVELTY THEORY ENDS ABRUPTLY. DOESN'T MATTER WHAT THEY SAY, DOESN'T MATTER WHAT THEY DEW.

The problem is not so much the drought but our over-reliance on this single crop.

Thanks for the

the lunacy of turning corn into motor fuel becomes ever more obvious and ever more outrageous.

Stockpiles of the biggest crops will decline for a third year as drought parches fields across three continents, raising food-import costs already forecast by the United Nations to reach a near-record $1.24 trillion.

Combined inventories of corn, wheat, soybeans and rice will drop 1.8 percent to a four-year low before harvests in 2013, the U.S. Department of Agriculture estimates. Crops in the U.S., the biggest exporter, are in the worst condition since 1988, heat waves are battering European crops and India’s monsoon rainfall already is 20 percent below normal. The International Grains Council began July by forecasting record harvests. It ended with a prediction for a 2 percent drop in output.

The speed of the destruction drove corn prices to a record today and soybean prices to an all-time high last month, while wheat went to a four-year high. For investors, crops are the best-performing commodities this year, and Goldman Sachs Group Inc., Macquarie Group Ltd. and Credit Suisse Group AG say the trend will continue. An index of 55 food items tracked by the United Nations’ Food & Agriculture Organization jumped 6.2 percent in July, the biggest increase since November 2009, the Rome-based agency reported today, less than two years after record prices pushed 44 million people into extreme poverty and contributed to uprisings in North Africa and the Middle East.

[link to www.bloomberg.com]

corn ethanol mandates imposed by Congress are distorting the market, which will mean higher prices for everything from milk to cheeseburgers.

This year, about 4.3 billion bushels of corn will be converted into motor fuel, That’s nearly 37 percent of this year’s corn crop. America ‘s corn ethanol sector now consumes about as much grain as all of this country’s livestock.

Wow, I did not know that, thanks.

Genetically engineered sweet corn from Monsanto is headed for Walmart store shelves, the first GE product to travel from farms directly to consumer plates.

Current rules stipulate that nearly 10% of the nation's gasoline supply come from corn-based ethanol. To make that ethanol, up to 40% of the country's annual corn production can be required.

The oil industry doesn't like it because it's a competing product that takes market share away from them. Livestock producers don't like it because they feel it drives up the price of corn, which is used to feed cows, chicken and pigs. Many in the environmental community don't like it either. They doubt whether corn-based ethanol is really any easier on the planet than conventional gasoline, as the land required to grow it results in deforestation. They also feel higher corn prices likely contribute to global hunger, at least marginally.

I believe theres an old book.....it predicted we would need a wheelbarrow full of money for a loaf of bread.....

Maybe more people should pay attention to said book.

Last Edited by *Evan on 08/09/2012 02:22 PM

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Wheres Eddie Murphy when you need him?

The ethanol industry, backed by the Obama administration.
Why did farmers plant 96 million acres of corn this year?
The answer is simple: ethanol

Whose corn is it? Should the Obama administration suspend the federal Renewable Fuels Standard for ethanol production to provide relief to producers hurting from rising feed costs?

Given the RFS mandate, as much as 40% of the total corn harvest could end up in ethanol production. That would push the cost of feed even higher and ultimately raise meat prices for consumers.

Doesn't anybody care?