Surging global demand is draining the world’s grain reserves, raising prices and creating huge challenges for producers, retailers and foodservice operators. Less than two years ago, grain prices were still relatively cheap. In January 2006, Chicago Board of Trade corn futures were $2.05 per bushel, wheat was $3.22, and soybeans were $5.62. Flash forward to 2007: Corn futures hit highs of $4.34 in February and have been volatile in the $3.40 to $3.90 range over the past month. Wheat and ...
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