Thursday, June 26, 2008
Price of corn, elephant eyes very high
You've heard the saying 'where corn is as high as an elephant's eye.' It used to refer only to the height of corn particularly in Iowa. But the saying is also holding true for the price of corn and the price of elephant eyes.
Corn prices have soared to around $8 per bushel as of yesterday. Partially due to the Midwest flooding, speculators and largely because of anticipated ethanol demands for fuel.
On the other end (of the saying) are elephant eyes. Where corn prices have doubled in the last year elephant eye prices have nearly tripled to $10 per handful.
"Oh, there's a huge demand for elephant eyes right now. Many energy experts have their sights set on them. They think they would allow us to see a new path to alternative energy sources," said Gibbon Dorset, forest ranger in Africa's Serengeti.
In Pennsylvania, because of soil type and climate, corn only reaches the height of an elephant's upper leg (as the saying goes). But prices of elephant upper legs have remained relatively low in comparison. As of this morning upper legs were trading for $0.79 per small duffel bag.
"Here in the Keystone corn and elephant upper legs are not the same price when it comes to the saying: Pennsylvania, where corn is as high as an elephant's upper leg. It just don't work," said Centre County farmer, Clyde Sorndale.