Corn Commentary

Sweet Hyperbole

The chief executive officer of the world’s largest food and drink company has given new meaning to the word hyperbole.

Peter Brabeck-Letmathe, CEO of Swiss food giant Nestle, is quoted in various news reports saying, “If as predicted we look to use biofuels to satisfy 20 percent of the growing demand for oil products, there will be nothing left to eat.”

He also called planned subsidies for biofuels “irresponsible and immoral” and “political insanity.”

I do like the last sentence in the story on Forbes website from Thompson Financial News.

Thus far Nestle has been successful in passing on a strong hike in raw materials prices, including milk, cacao and corn, to its clients.