The rise in food prices has been linked to several factors, including bad weather, the higher price of oil and the diversion of crops to produce biofuels for cars. The growing unrest over food security comes as major agricultural companies are posting record profits. This week, the grain-processing giant Archer Daniels Midland announced a 42 percent rise in third-quarter profits. Revenues from the distribution of grains including wheat and corn were up 700 percent. According to the Wall Street Journal, other major firms, including Monsanto, Deere and Mosaic, have all reported similar windfalls.
Agricultural Firms Post Record Quarterly Profits
HeadlineMay 01, 2008