Wake up, folks. It’s not just the oil companies getting rich off of our current economic misfortunes. The following comes from an article in the Wall Street Journal “Food-Price Rise Aids Companies Tied to Farming”. Quarterly profit reports and estimates for companies that support the grain industry are skyrocketing.
- Archer-Daniels-Midland Co. – 3rd quarter profit up 42%, with a 7x increase in net income in its unit that stores, transports and trades grains.
- Cargill Inc. – profit jumped 86%
- Bunge Ltd. (fertilizer and grain transport) – 20x earnings increase
- Monsanto Co. (seeds and herbicides) – quarterly profit more than doubled
- Deere & Co. (tractors, combines and sprayers) – 55% increase in earnings
- Mosaic Co. (fertilizer) – a 12x increase in net income