While the prices might have been suppressed to some extent, we seem to have overlooked how much grain values were boosted by misguided government policy in the form of biofuels subsidies.
I would venture a guess that those subsidies did more to inflate prices than any subsequent meddling might have hurt them. Because those subsidies created the voracious appetite for grains that resulted in the run-up in commodity prices across the board for the past two years.
So, what is the "true" value?
And how high would prices have to go before some are satisfied? We have had lots of excellent opportunities to price crops at record high values. If you didn't take advantage of them, then who is to blame?
I would venture a guess that those subsidies did more to inflate prices than any subsequent meddling might have hurt them. Because those subsidies created the voracious appetite for grains that resulted in the run-up in commodity prices across the board for the past two years.
So, what is the "true" value?
And how high would prices have to go before some are satisfied? We have had lots of excellent opportunities to price crops at record high values. If you didn't take advantage of them, then who is to blame?
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