Read here. Food prices jump to record levels in February despite February wheat and rice prices being essentially flat. Yet, February corn prices are up significantly even with 2010 being the 3rd largest U.S. corn crop ever. Why? Because of the Obama and Democrats' policies to buy off favored, political contribution fat-cats, our cars now have a mandated, growing and voracious appetite for corn ethanol - wheat and rice, not so much.
"The increase in February mostly reflected further gains in international maize prices, driven by strong demand amid tightening supplies, while prices rose marginally in the case of wheat and fell slightly in the case of rice."
"In other words, this is mainly about corn. And who’s the biggest corn exporter in the world? The United States...And where is 40% of US corn production going this year? Ethanol, for use in US car engines."
The Obama administration policy of purposefully enriching the Big Corn-agribusiness interests with huge ethanol subsidies and a favored regulatory environment, at the expense and harm to global food consumers and U.S. taxpayers, is business as usual for the favored crony capitalism of the "messiah."
