Corn inventory has dropped significantly in the past 3 decades, leading to higher prices per bushel. But a lot of the price increase is due to money-printing, as evidenced by the steady gold : corn ratio. Since gold cannot be printed out of thin air, the ratio is relatively stable. Gold : corn ratio was out of whack before 1970 because gold was artificially undervalued by governments back then, under the Bretton Woods agreement.
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