Looks like a shortage of supply is definitely the culprit here. This article agrees. This result could be caused by many things, among then drought or crop pests. Have you seen any articles that explicitly tie this shortage to biofuel production?
I think the most interesting tidbit from that article is the following, basically stating that government interference with the free market creates problems, an ideal that I strongly agree with. "The Minneapolis Grain Exchange itself is scrambling to adjust to the explosive markets. On Friday, the maximum daily trading limit rose to $1.35 a bushel - compared with 30 cents last week - and soon, the maximum daily limit will vanish. Officials suggested they had little choice. Markets were so volatile that they locked up day after day, so nobody could trade wheat futures at all. "Whenever you have set caps, even if they're for good intentions to help protect certain people from abnormal price swings, you're going to run into others who are affected because you have those price caps," said Layne Carlson, treasurer of the Minneapolis Grain Exchange." Good intentions...... Bah.... Price controls. They damage the economy. -Cameron Andrew Grosset wrote: > Like a 100-year flood, spring wheat prices have risen relentlessly all > winter, obliterating every record in sight. At the Minneapolis Grain > Exchange, wheat fever pushed prices to $19.80 a bushel in trading Friday - > nearly triple the record from 1996..............That has pushed corn and > soybean prices to near-record levels - fueling a wave of uncertainty about > everything from food price inflation to subsidies in the new farm bill to > hunger in the developing world. > > http://www.twincities.com/business/ci_8275334 > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;160198600;22374440;w Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:254341 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
