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Ag Prices The Long Hemp Short Corn Trade

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by Yves Smith and Felix Salmon
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Oct 02 2007 12:00am EDT

Ag Prices: The Long Hemp, Short Corn Trade

A funny thing, government interference in markets. The US government, thanks mainly to the fact that the Iowa caucus is politically very important, is doing its best to encourage the market in corn ethanol. But front-page articles in both the NYT and the WSJ have the price of ethanol plunging. Meanwhile, the Dutch goverment is cracking down on the market in marijuana, and even George Michael is cutting back on his intake, but the main visible effect is that marijuana prices are up 20% this year. Maybe what the corn industry needs isn't subsidies but a few armed raids!

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