The USDA has reported increasing corn and soybean sales causing futures prices to rise. For the last four months of 2009, soybean exports increased a whopping 55% and corn a respectable 19% from a year earlier – according to the USDA yesterday.
What is causing this grain demand…? Well, let’s start with more mouths to feed around the world, animal feed, and – thanks to the global warming hoax – the ingenious idea to make fuel from crops has caused corn and soybean futures to double in price just this past decade.
Greg Grow, director of agribusiness for Archer Financial Services in Chicago, agrees with recent futures price rise by stating, “Export sales continue to be very good…demand is supporting prices.”
Corn is the US’s biggest cash crop (valued at over $47B in 2008), and soybeans are a distant second in 2008 with the US crop valued over $27B. I noticed this yesterday “over the wire”…too important to ignore. Happy New Year to you all!