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
ravenchilde_art
April 29, 2008 at 11:19pmIf there were more people like that entrepreneur in Germany who’s close to getting 25% of the country converted to solar power, in ways that would benefit people and the environment top to bottom, and be cheap, I’d probably die from the shock. ^_~`
theresamather
April 30, 2008 at 1:24amNot to mention the speculators running up commodity prices….
mckitterick
April 30, 2008 at 1:58amHoly crap. Sources? I’d like to share this….
allisonstein
April 30, 2008 at 4:36amWall Street Journal article, linked in the original entry.
mckitterick
April 30, 2008 at 5:09amThanks!