Monday, February 18, 2008
This is a bit of concerning news.
A while back fellow blogger mentioned that wheat prices had gone up to nearly $20 a bushel. I've checked other market prices and noticed that investers are boosting the price of just about every food stuff. The real kicker comes in about 12 to 18 months when there is a shift in production mainly from the increased use of corn for ethenol. Add to that the effect of investers and we can expect a bumpy ride in prices. This has been a real killer for beef prices as the combination of increased feed costs and several recalls have raised those prices as well. Bottom line might be a $10 box of cereal and beef at $15 a lb. I've already seen cereal at over $5 and beef at $10. My only hope in all of this is that it's a short lived problem.
For a real overall picture check the following info: