Did you hear about $65k in chicken wings being stolen in Georgia recently? And just before the Super Bowl wing demand? It may be a bigger heist than you originally thought - and it appears it's coming to grocery stores in Illinois. Why? Ethanol mandates drive up the price of feed prices and push wing supply down.
“Chicken wing consumption during this year’s Super Bowl is estimated to be 1.23 billion wings, down 12.3 million from last year. One of the culprits culpable for the decline is high ethanol prices, which have driven chicken companies to produce one percent fewer birds due in large part to ‘record high corn and feed prices,’ according to the 2013 Wing Report by the National Chicken Council.”
“Meanwhile, the Renewable Fuels Standard diverted 40% of the nation’s total corn production to be used as motor fuel, in the form of ethanol. This, combined with severe drought conditions last year, has driven the price of ethanol to record highs, which in turn forced chicken farmers to reduce the size of their flocks. Thus, Americans are seeing painfully higher prices at the grocery store.”
Small business, not to mention sports fans, suffer. “‘Not at Wing Stop. We have our wings locked in for the year and that’s because we are a national franchise. Smaller mom-and-pop stores have to do their homework. They have to hunt around for wings,’ Cooper said. That hunt can mean higher prices. Nationally, they’re up 14 percent.”
Over 75% of Americans agree, higher food prices are hurting families and small businesses. “According to Gallup, nearly 76% of Americans say higher food prices are hurting their family’s finances, and this year’s Super Bowl festivities will be the latest manifestation of that fact.”