Corn, wheat and soybeans—consider them the building blocks of food cost. The Mitchell Report aside, grain prices may as well have been on steroids for the past two years, and 2008 looks to be more of the same.
Ethanol and exports will keep corn prices well supported for the next few years. The new energy bill increases the Renewable Fuels Standard to 9 billion gallons in 2008 and 36 billion by 2022. Globally, the growing affluence of developing countries and a weakening dollar are