Is Corn The New Gold?
Before we start cooking, let's get the scoop on corn plants.
Even though corn growers in the Midwest planted more acres this year, the U.S. Department of Agriculture says yields have been hurt by droughts in some places and floods in others. The Department's revised forecast sent commodity prices soaring because demand for corn and other grains seems to be insatiable.
This flurry of high corn prices has traders flocking to the commodity, in some ways treating it like the new gold. Traders are speculating on corn prices well into 2013, and there are some bets on corn futures even further out. Money in corn futures is five times what it was in 2004, according to numbers from the Chicago Mercantile Exchange. That's a nearly $2 trillion market for corn alone.
According to Iowa State University economist Chad Hart, national corn yield won't be enough to meet demand. Demand from the ethanol industry, livestock feed and export market continues to outstrip predictions and that's why grain prices have soared.
"When you look last summer, we had corn prices in some cases down around $3.50 a bushel, now we're up in $6, $7 range, so we've seen nearly a doubling of prices over past 15 months," Hart says.
More: Read more at Harvest Public Media.
Corn And Avocado Chowder
Mexican-Style Grilled Corn
Corn Cob Jelly
Now that we've eaten all the kernels off the corn, time to address the cobs. And no, we're not just going to throw them in the compost.
"You can make something with almost anything," says Chef Daniel Orr. This Corn Cob Jelly certainly proves that!
The finished product can be spooned over sliced pears, served with Grandma's Buttermilk Biscuits and used as a replacement for apple jelly on peanut butter and jelly sandwiches.