Record Hunger=Record Profits

May 5, 2008 at 11:59 am Leave a comment

Just like the oil companies, who are making record profits off the demand and high prices for gasoline, the international private food suppliers are making a killing off the food shortages.

Monsanto last month reported that its net income for the three months up to the end of February this year had more than doubled over the same period in 2007, from $543m (£275m) to $1.12bn. Its profits increased from $1.44bn to $2.22bn.

Cargill’s net earnings soared by 86 per cent from $553m to $1.030bn over the same three months. And Archer Daniels Midland, one of the world’s largest agricultural processors of soy, corn and wheat, increased its net earnings by 42 per cent in the first three months of this year from $363m to $517m. The operating profit of its grains merchandising and handling operations jumped 16-fold from $21m to $341m.

Similarly, the Mosaic Company, one of the world’s largest fertiliser companies, saw its income for the three months ending 29 February rise more than 12-fold, from $42.2m to $520.8m, on the back of a shortage of fertiliser.

If there was ever a demonstrative situation to show how perverted a globalized, private food system is, this is surely it. A local, sustainable food source is a human right, not a means to profit.

Read the long lists of crimes and criticisms at Wikipedia: Crimes of Monsanto, Criticisms of Cargill, Criticism of ADM (Archer Daniels Midland)

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Entry filed under: Food Politics. Tags: , , , , , .

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