Saturday, April 19, 2008

Cargill profits up 86% over a year ago

If there was any question who benefits from global food price increases, it's Big Ag. Cargill, the largest US agricultural company, this past week announced earnings of $1.03 billion for the most recent quarter. Cargill chairman and chief executive officer Greg Page reported, “Demand for food in developing economies and for energy worldwide is boosting demand for agricultural goods."

Too bad that "demand for food" -- otherwise known as hunger -- is causing riots and deaths in those developing countries. Here's a fascinating map of the food crisis (you may have to register first, but it's free) from the Financial Times of London. Click on the tabs to see where there's been food unrest and what governments in those countries are doing to combat the problem.

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