England is worried about the Olypics being rained out, yep it’s cold in Europe.
But in the USA, the weather has dealt our corn crop devastation. All those sweet goods, not goping to be. You see the majority were made from Fructose. Corn. High-fructose corn syrup, the base stock.
Corn prices are nearing the record highs of last summer as the U.S. Midwest suffers its worst drought since 1956. Shoppers should expect higher grocery bills, because corn is used in three-quarters of supermarket products.
But don’t panic. Overall cost hikes are likely to be modest.
“A 50% increase in the price of corn tends to raise total shopping bills by about 1%,” says Ricky Volpe, a research economist with the U.S. Department of Agriculture. Corn’s price has jumped 45% this summer. Of course, even a modest increase to shopping bills is unwelcome news for households on tight budgets.
Strange as it may seem, farm crops aren’t nearly the largest component of food prices. In 2008, just 15.8 cents of each dollar shoppers spent on food went to farms, according to the USDA. The rest paid for labor, packaging, transportation, advertising and more.
But beef prices are being driven up, mostly by government drones and their regulations.
The USA Midwest drought, is a 70 year event. Corn and wheat are getting pricey. And ethanol, we will go down in history as among the dumbest on planet earth, burning our food crop.