Biotech Updates

Corn and Wheat Prices Up

November 18, 2011

IBISWorld, publisher of industry research, reports that prices of principal products such as corn and wheat are expected to increase through 2011 in the U.S. This scenario is expected to be the trend due to the federal mandate for biofuel increases as outlined in the Energy Policy Act of 2005. Farmers, according to IBISWorld, will increase production and genetically modified crops are expected to meet this goal.

The growth in demand for ethanol increased demand for corn and soybeans; hence prices and production of these crops also went up. The weakened US dollar during the economic recession made domestically grown crops more affordable to international markets. In addition, global shortages of food grains caused prices of key commodities (including corn and wheat) to spike significantly. The interplay of these factors is expected to push revenue in the Corn Wholesaling industry.

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