Soon You’ll Pay Even More for Food
Jun 14th, 2008 | By Brian Hunt | Category: Gold MarketSome of the most dramatic photographs in the world this week were of downtown Cedar Rapids, Iowa. On Friday, an estimated 100 blocks of the city were underwater. Heavy rainfall across the Midwest has produced nine rivers in Iowa above flood stage.
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Here’s how this rain affects consumers and investors: The states of Iowa and Illinois are the world capitals of corn production. Over 27 million acres there are devoted to growing corn. They anchor production for the world’s top corn-exporting nation. All that rain keeps farmers out of the field and damages the crop. Corn soared 11% this week as a result.
The most active corn contract has increased 86% in the past year. Corn is the chief feedstock for cattle, pigs, and chicken. It’s a primary ingredient in soda pop and cereals. To learn just how pervasive corn is in your life, we recommend reading the excellent book, The Omnivore’s Dilemma. Read it and
get ready to pay out the nose for food…
Brian Hunt
Source: Soon You’ll Pay Even More for Food
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