Would You Pay $7 for a Large Popcorn?
Would you pay $7 for a large popcorn? United States corn futures have risen for the seventh straight day, to a new all-time high (up 20% since June 3rd). The U.S. Department of Agriculture Tuesday lowered its estimate for corn production due to heavy rain in the past month, which has slowed planting and crop development. Add the growing rise in ethanol production (4.7 billion gallons in 2007, expected to rise to 7.5 billion gallons by 2012), which has resulted in American corn farmers growing less and less Popcorn. The price of popcorn has begun to rise. AMC has already instituted a 25-cents-per-bag increase, with many US movie theaters following suit. How much could it cost you to buy a bag of popcorn in 2008? Steve Mason says that you could be paying $7.00 or more for a large popcorn!
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