this post was submitted on 30 Aug 2023
74 points (93.0% liked)
Canada
7185 readers
272 users here now
What's going on Canada?
Communities
๐ Meta
๐บ๏ธ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
๐๏ธ Cities / Local Communities
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
๐ Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montrรฉal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown
- Toronto Blue Jays
Basketball
- List of All Teams:
unknown
- Toronto Raptors
Soccer
- List of All Teams:
unknown
- General Community: /c/CanadaSoccer
- Toronto FC
๐ป Universities
๐ต Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
๐ฃ๏ธ Politics
- Canada Politics
- General:
- By Province:
๐ Social and Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Corn was expensive when it was looking like the drought in the corn belt was going to destroy the crop, but the rains came at the right time and the price came tumbling down after. Local cash bids were up to $9.80 just last month. Now we're looking at $6.38. That's a huge drop. The Chicago price isn't even $5 anymore.
Not really. Biofuels shy away pretty quickly when the price goes up. There isn't much inelasticity there like there is among food buyers. Corn has been driven by that derecho a couple years back wiping out a lot the crop, coupled with European fertilizer plant shutdowns just before Russia invaded Ukraine โ which also impacted access to Russian fertilizer, along with those drought fears this year.
That said, given the rest of the comment, I get the feeling that you are actually talking about sweet corn rather than corn? Sweet corn is not directed to biofuel. It's more like $30 per bushel instead of $5. Biofuel flat out couldn't afford it, even if it wanted.