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Politics : View from the Center and Left

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To: TimF who wrote (64231)	5/8/2008 10:41:05 AM
From: Katelew	Read Replies (1) of 541847

Price increases in response to higher demand You're struggling to try and apply typical supply-demand feedback mechanisms to agric prices, but you can't right now. That's my whole point. The difference is that the higher demand has been for the futures contracts themselves, not for food. Wheat went up 87% in price in 2 months. The world didn't consume 87% more wheat in 2 months. With regard to your need to defend the system as it is, let me point out that not even all agric commodities are priced via the CBOT, in fact most aren't. All fruits, fishes, and poultry and most fresh vegetables have rational pricing systems. So why are beef and pork products subject to CBOT pricing and not a chicken??? As far as I can tell, the system seems to be pretty arbitrary.

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