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Consider the following charts, and then ask yourself: what caused corn prices to skyrocket earlier this year?







The ethanol industry will continue to use more and more and more corn into the foreseeable future, yet the price of corn, along with the price of all other commodities, has fallen out. Does anyone still want to defend the now discredited notion that ethanol "is driving up the price of food"?

Or can we now agree that speculators were betting against the value of the dollar by investing in commodities as a hedge against inflation. Now that the Lehman Brothers and AIGs of the world have gone away, the price of corn is in a free-fall even though ethanol production is setting new records every month.
 
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