Food crisis provides record profits for traders
Nevermind the fact that we in the civilized world consider our rising food prices a life-ending emergency, the real crisis lies in third-world countries where starvation is a daily battle. We see riots on the news where people are killed over a loaf of bread, yet we consider it all a casualty of rising fuel prices and the poor economy in general. You may be shocked to hear that the food trading economy is not only dodging the effects of this crisis, but are reporting record profits from it!Cargill, the world's biggest grain trader, reported an 86% increase in profits from commodity trading in the first quarter of 2008. Bunge, another mega food trader, had a 77% increase in profits during the last quarter of 2007. Archer Daniels Midland, the second largest grain trader in the world, registered a 67% increase in profits in 2007. It certainly doesn't stop there, but I wonder how far the global market economy will continue to take advantage of the underdeveloped countries in favor of big business investments.
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