Bloomberg article on how the goverment overestimated corn crop #s for this year

[tacatcon]

Corn-Crop Stunner for Morgan Stanley Means U.S. is Overestimating Supply - Bloomberg

Interesting because I had just read a week or two ago how farmers were planting the largest crop in about 50 years. And how that would mean lower corn prices which affects many other food prices. But big surprise, the government overestimated the actual crops being planted.

Now that the adjustments have been made, it looks like prices will be higher than anticipated. Not only does this affect Wall Street but it will affect you if you buy pork, beef, bacon, chicken, milk, cereal, bread and things that use corn syrup like soda and whipped cream.

Bacon may become especially expensive sometime later this year/early 2012 as pork belly prices are expected to rise to $2 a pound (from about $1.50 per lb last year this time). So if you enjoy a good BLT, you may want to think about stocking up now or switching to turkey bacon.

[Ggbwg]

Bacon here at Target was $4.99 for a regular Oscar Mayer bacon package. Dread it to go up anymore, my daughter will be sad.

[MrsStunner]

I'm already thinking bacon prices are ridiculous now. If they go up any further I'm not going to be purchasing bacon at all!

I guess I could stock up tho if I found a great deal. What's a great price for stocking up?

Too bad you can't stock pile milk tho! How long does the powdered last?

[$Saving!]

Since the gov't subsidizes farmers corn crops for the ethanol nonsense (which is a major FAIL!), and speculators on futures driving up prices on everything we consume from gasoline to sugar to grain products, pork bellies etc, we're picking up the tab and it doesn't look promising that any prices will retract.

Spec buyers never "own" the commodity they're buying - it's only on paper, real regulation needs to fall in somewhere that will stop driving up the prices artificially above demand

[everprincess]

I still have a ton of bacon in the freezer. I always buy a bunch when I can get it for $1.00 or less a pack. Last time I got Smithfield I think with some 0.50/1 coupons combined with a sale. I think all prices are going to keep going up. For instance the Bounty napkins at HT were $1.99 and overnight they went to $2.19. I skipped the deal on them and went for the free ones at Bi-Lo. We all are going to have to more creative on deals.

[MrsStunner]

If I could find bacon for $1pkg I would stock up but I never find it that cheap here...EVER. Maybe I'm not looking in the right places tho, will be keeping an eye out.

[nebasketnut]

Please let us be careful since quite a few do not have a hand in nor any idea the expenses that seem to skyrocket for the ag industry because of the speculators in the market. Not to mention the millions and millions of acres that were flooded because of government officials on the Mississippi and Missouri Rivers. These families will not be able to raise anything on the land for many years to come.