Friday, February 29, 2008
Wheat Tops $12 a Bushel for First Time on Rising Food Demand Wheat climbed above $12 a bushel for the first time in Chicago, as investors poured money into agricultural commodities on signs that crop production isn't keeping pace with demand. Global wheat stockpiles probably will fall to a 30-year low this year, while corn inventories are headed for the lowest since 1984, the U.S. Department of Agriculture said Feb. 8. Almost $1.5 billion flowed into farm commodities in the week to Feb. 19, investment bank UBS AG said yesterday. The UBS Bloomberg Constant Maturity Commodity Index of 26 raw materials has jumped 15 percent this year. Wheat, soybeans, corn and palm oil are among commodities that have touched records this month, stoking prices of bread, noodles and crackers worldwide. The gains have driven up costs for food companies from Kellogg Co. to Premier Foods Plc and complicated efforts to curb prices in China, India and Malaysia....
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Oh, Oh!! so the cost of corn in a box of corn flakes goes from 15 cents to 20 cents... and it sells at the store for $3.50 a box... cry me a river. It is ABOUT TIME farms made some money... and when we make it, we spend it on mostly AMERICAN products like tractors and equipment... High Farm prices mean a better America... Let the whinners pull out the ear buds of their Ipods so they can call their friends on the Cell and complain about higher food prices..
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