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PrintAugust 15, 2007
The Ethanol Follies (a continuing series)
Heinz reported good earnings today, but warns that future profits will be impacted by
"unprecedented" commodity price increases, with sweeteners, packaging, tomatoes, potatoes and meat rising.
High corn prices, boosted by demand for ethanol, are driving the price of sweeteners (high fructose corn syrup) and meat (corn-fed cattle and pigs). Inflationary pressures will intensify and sooner or later there will be job losses.
