"As we’ve all heard, this summer’s hot weather and drought conditions have hammered the corn crop. The Journal reports this morning that leading meat packer Smithfield Foods is importing corn from Brazil. (The story suggests that Tyson Foods is probably doing the same thing.) An American food company needing to import corn to meet its needs is like Saudi Arabia needing to import oil. Of course, maybe if we weren’t diverting roughly half our corn crop to make ethanol we wouldn’t see shortages and high prices, even with a drought."
Steven Hayward, PowerLine
July 25, 2012