CORN PRICES ARE DOWN, WHAT ABOUT FOOD PRICES
At the 2014 Commodity Classic, there are many topics being discussed. During the Corn Congress, where corn farmers from all over the nation gather to develop grassroots policy, one of those topics was the old food versus fuel debate. With corn prices down where they are now, will the debate go away? We suspect the answer is no, despite overwhelming evidence to the contrary.
Illinois corn farmer leaders saw evidence this week of the overall relative stability of meat prices. Despite high corn prices last year, and now low corn prices, food prices and meat prices stay consistent or in some cases even rise. The frustration? It seems that media outlets and activists conveniently look away as corn prices are down.
You’ll see in this image how meat prices are relatively consistent. If you were to chart corn prices over the same time, there would be more peaks and valleys. Illinois corn charts data like this and presents it to legislators and other influential people on your behalf. It might be worth you keeping a copy, too, so you’re prepared the next time you find yourself in a food versus fuel discussion. That discussion may come up again sooner than you think as the EPA is considering comments from both sides of the issue on their plan to limit the amount of corn-based ethanol in our nation’s fuel supply.