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Old 01-28-2007, 11:45 PM   #1
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Corn - The New Gold Standard?

I was watching the farm market report this morning and was shocked to learn that the price of corn has doubled in the past 3-4 months. As the price of crude oil has gone up to over $70 a barrel, and alternative renewable fuel sources are beginning to be taken seriously (like Ethanol from corn) - the demand for corn for other than as a source of food is driving the prices up!

Cattle (beef) are finished off in a feed lot to fatten up on corn - with the price of corn doubling the price of beef is probably going to increase anywhere from $0.50-$1.00 per pound in the next few months.

But, the biggest price increases per pound will probably be in pork, fowl (chickens, turkeys, geese, ducks) and farm-raised fresh water fish like trout and catfish. Unlike cattle which can be grazed on grass for a little longer - these are not grass grazers - the are corn fed!

I doubt that government subsidies will increase enough to keep the price down in light of the new demand for creating alternative fuels rises.

Anyway - if you notice prices going up at faster than normal inflation rates on these items over the next few months or year ... you'll know why.

"It ain't what you don't know that gets you in trouble. It's what you know for sure that just ain't so." - Mark Twain
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Old 01-29-2007, 04:16 PM   #2
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also affecting the price of tortillas in Mexico, Michael. read about it in the business section on Sunday.
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Old 01-29-2007, 04:37 PM   #3
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Great post Michael!! Excellent content!!

A neighbor of mine related to me the other day that several local farmers "booked" this year's corn crop back in September for I think he said $1.00 per bushel over market price with a new ethanol facility openiing soon in Vicksburg. Sounded lke a great deat at the time...However it seems now market price is over the "deal" price..so they are cryin in their beer.

Edit: Think I'll stock up on bourbon as it's at least 51% corn.
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Old 01-30-2007, 11:12 AM   #4
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Thanks for the information. It is good to understand the effect the rising price of corn will have on other foods you may not associate with corn.

Excuse me while I go work on my garden seed order........
Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has. Margaret Mead
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