Producers stockpiling grains amid global glut
From the US to China, years of bumper crops and low prices have overwhelmed storage capacity for basic foodstuffs
Chicago
IOWA farmer Karl Fox is drowning in corn. Reluctant to sell his harvest at today's rock-bottom prices, he has stuffed storage bins at his property full and left more corn piled on the ground, covered with a tarp.
He would rather risk potential crop damage from the elements than pay the exorbitant cost of storage elsewhere. "That's how poor people do it," said Mr Fox, who has been farming for 28 years. "You do what you have to do."
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard