Grain piles up in ports

The credit crisis is spilling into the world food supply. People will go hungry.

The credit crisis is spilling over into the grain industry as international buyers find themselves unable to come up with payment, forcing sellers to shoulder often substantial losses.

Before cargoes can be loaded at port, buyers typically must produce proof they are good for the money. But more deals are falling through as sellers decide they don't trust the financial institution named in the buyer's letter of credit, analysts said.

"There's all kinds of stuff stacked up on docks right now that can't be shipped because people can't get letters of credit," said Bill Gary, president of Commodity Information Systems in Oklahoma City. "The problem is not demand, and it's not supply because we have plenty of supply. It's finding anyone who can come up with the credit to buy."

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oh man

reminds me of farmers pouring milk on the roads in the 30's all the while people in the US were starving.

This is one ominous sign.

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I still don't understand this stupidity

Are the agribusinesses entirely without ethics? Are they stupider than Fannie Mae? How many suicides will it take to ship the food?

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Maximum jobs, not maximum profits.