The vultures of corporate America are closing in on the carcass of cheap food. With corn selling at $5.86 a bushel (up from just $2.00 in 2005, and $4.28 just six months ago), the food price crisis has been somewhat of a windfall for farmers. But the briefly glimmering hope for rural communities is about to go out.
Last week Monsanto announced it would increase the price of its corn seed by $100 a bag, or about 35%. $100 a bag! So if you are a farmer with 1,000 acres in corn, Monsanto will be demanding an extra forty grand this year.
The timing on Monsanto's unilateral price hike is especially heinous. With the world thrust into a profound food crisis, governments shaken, and children hungry, Monsanto is pushing the envelope on one of the world's most important grains. This in combination with the outrageous inflation in the price of fertilizer, (over 400% in the past two years, due to the increase in the price of natural gas, from which fertilizers are made) means farmers are once again barely braking even.
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