I Have A Dreamsicle...

Last month, 45 U.S. food-processing groups, representing firms whose raw material costs have gone through the roof, demanded that the U.S. agriculture secretary release farmers from their contractual obligation to maintain a portion of their land for wildlife preservation. The U.S. baking industry's trade association, representing firms such as Kellogg Co., Sara Lee Corp. and Interstate Bakeries Corp., plans a march on Washington by the firms' employees later this month to press for a reduction in U.S. wheat exports.

The Keebler Elf is being given the keynote...

More seriously, farmers are actually doing very well with this recent run-up of food prices, but it hurts producers and distributors. Obviously, because it also hurts the starving, there's going to be a reckoning. But it's not like Kellogg and Sara Lee are suddenly unable to make money.