Some experts say the effect could be more apparent later this year, raising the price for everything from Thanksgiving turkeys to Christmas hams, reports Stevenson Jacobs for the Associated Press.
A couple of examples:
- One pork supplier says the cost of feeding a single hog has gone up $30 in one year. Passing that on to consumers would mean another 15 cents per pound.
- U.S. beef producers spend 60%-70% of their production costs on animal feed, and it’s rising daily.
Other agriculture ETFs and exchange traded notes (ETNs) that have benefited from the record prices include:
- E-TRACS UBS Bloomberg CMCI Agriculture Index ETN (UAG), up 11.4% since April 4 inception
- ELEMENTS Rogers International Commodity Agriculture ETN (RJA), up 11% year-to-date
- PowerShares DB Agriculture (DBA), up 21.6% year-to-date
