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December 1, 2008
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![[Image of: wheat field]](http://www.supermarketguru.com//public/images/wheatfield1.jpg)
Farmers’ Fields of Gold Tarnish
For much of the past two years, America’s farmers were basking in their fields of gold. Prices of wheat, corn and other commodities were kept aloft by an oil price panic which set off harvesting strategies to produce ethanol instead of food products.
But prices that reached $12 a bushel for wheat, for example, were unsustainable. Farmers who didn’t sell their crops early got whipsawed once it became clear that food price inflation was headed to the sky, and oil prices were about to fall from their peak of $147 per barrel.
Those fields of gold grew muddied and tarnished. Instead of tending their crops to a Sting melody, our nation’s growers were stung. They still feel the economic pain today of market forces they have historically been poor at forecasting.
Wheat, for example, is back to $5 a bushel—that’s $1 less than it costs in fuel, seed and fertilizer to plant the crop (land rents excluded), according to a New York Times report. Corn sold for more than $7 a bushel, but is now closer to $3. The land investors who were populous at the peak have gone home now.
[ Read Full Story » ]
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Potato and Ricotta Gnocchi with Bolognese Sauce
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