Tuesday, May 04, 2021

Agri Econ 34, High corn demand to feed animals and cars

Update, May 04, 2021

May 01, 2021:

Corn global prices keep rising, soybeans and wheat too. In fact their prices are currently at eight-years high, since around May-June 2013. Here are their prices the last 12 months.

https://tradingeconomics.com/commodities

US President Joe Biden has pushed high oil-gas-ethanol prices by cutting or flatlining US oil-gas production by cancelling fracking in federal lands. Many countries are slowly recovering from lockdowns, oil demand is rising but US oil output/supply is restricted by Biden. Autocrats in OPEC, Russia are jumping with joy with higher oil prices. China now into oil-gas fracking too.

Ethanol is a major biofuel product, its prices are rising through the roof recently. Biden wants to penalize fossil fuel to "save the planet" so demand for corn and other major agri crops rise, their prices rise to the roof too as corn feed both animals and cars.

High corn prices means high poultry, hogs, beef prices as corn is a major ingredient in feeds for farm animals. Here are the prices over the last five years of farm animals.

When climate and energy alarmism adversely affects food inflation.
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See also:
Agri Econ 31, Rising world rice prices, falling corn, poultry prices, May 24, 2020 
Agri Econ 32, High global prices of corn, soybeans and wheat, January 27, 2021 
Agri Econ 33, High poultry, beef, corn prices, March 03, 2021.

2 comments:

ToddF said...

It's also a signal that America is printing money at an astounding rate.

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