Now that corn prices have hit $6 a bushel, golden corn has really begun to earn its namesake. Corn prices have increased 30 percent this year as we struggle to provide feed grain for livestock and supply grain for ethanol, amidst shortages in corn stockpiles. To make matters even more grave, the U.S. government estimates that farmers will plant less corn in 2008 in favor of more profitable crops such as soybeans or wheat.
So, what's that mean for the average consumer? Higher prices for meat (because of feed grain costs); higher prices for soda and candy (because of corn syrup); higher prices for other corn-related products (and corn itself); and higher prices at the pump (as ethanol prices rise).
So, if you're going to indulge in corn-on-the-cob this summer, first ask yourself: "Is gold edible?"
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