KBS Grand Project - Agricultural Powerhouse, Conditions of Hope Part 6 "Corn Wars" (Broadcast on 2008.11.16) ※ This video was broadcast in 2008 and may differ from recent situations. ■ Everyone Wants Corn - War Over Corn 'Most of our bodies are corn. To be more precise, it's processed corn' - Michael Pollan [The Omnivore's Dilemma] Self-sufficiency rate 0.8%. Korea ranks 3rd in corn imports. Who consumes all that corn? And where is it used? Feed, processed foods, pharmaceuticals, adhesives, paper, and even fuel. Corn is used in many places. Out of 1,500 processed foods, 1,300 contain corn directly or indirectly. The rise in corn prices will inevitably affect our lives. The world is currently at war over corn. People want more corn for food and fuel. Those who want to buy want to buy cheaper, and those who want to sell want to sell more expensively. Due to China's export controls, all corn currently imported into Korea is from the United States. South Korea, a corn importer, is fighting a tough battle. We will examine the reality surrounding corn by highlighting the three wars taking place among corn consumers, producers, and sellers. ■ The Secret of the Soaring Corn Price - 800 Million Drivers VS 2 Billion Hungry People '75% of the Cause of Soaring Grain Prices is Biofuel Policy' - According to a confidential World Bank report obtained by the Guardian, the United States is the world's largest producer of ethanol. Since the enactment of the 'Comprehensive Energy Act' in 2005, the United States has been spurring the production of bioethanol. American farmers who used to export corn overseas are now sending it to bioethanol plants. A huge bioethanol market for 800 million drivers. On the other side are 2 billion hungry people who want corn as food. ■ Who Benefits - Farmers VS Large Grain Companies In 2007, Mexico was engulfed in large-scale protests against the skyrocketing price of its staple food, tortillas. In January 2008, the 14th anniversary of the North American Free Trade Agreement (NAFTA), corn import tariffs were completely eliminated. Farmers raised their voices, demanding a revision of the NAFTA. Now, Mexico has lost its competitiveness against cheap imported corn. Multinational grain companies, including Cargill, bought corn cheaply in advance and then released it at a high price when the price skyrocketed. Corn prices went up, but seed prices also quadrupled. Are farmers really getting rich? ■ The Power That Determines Corn Prices, Fund Money - Those Who Want to Buy Cheaply VS Those Who Want to Sell Highly “Another force that determines corn prices is speculative capital.” Every time the price of corn goes up or down, the eyes of the world turn to Chicago. We, who depend on corn imports, cannot help but do the same. Unlike the past when prices were determined by production volume, now global fund money is moving corn prices. The world is connected by corn. Corn prices change every moment depending on the investment amount. We closely covered the Chicago Board of Trade (CBOT) and the traders and fund managers at the center of the changing corn trading. With South Korea now dependent on US imports for all of its corn due to China's export controls, what kind of war are we fighting in the midst of a global food crisis? #Corn #GrainPrice #Bioethanol #Bushel #E10 #FuturesTrading #AgriculturalFund #AgFlation