In the past year, the price of corn has risen 110 per cent while US stocks of the grain declined 15 per cent. That combination makes economic sense. Both the increase in price and the drawdown of inventories could be responses to a shortage of supply relative to demand. But Joseph Glauber at the US Department of Agriculture, has a different interpretation. He suggested on Thursday that high prices were having almost no effect on buyers: they wanted so much corn that inventories had fallen by a record amount.
過去一年，玉米價格上漲了110%，與此同時美國的玉米儲量減少了15%。這兩個現象並存從經濟學的角度是說得通的。價格上漲和儲量減少都可能是供不應求的結果。但美國農業部(USDA)首席經濟學家約瑟夫•格勞貝兒(Joseph Glauber)的解讀卻有所不同。他在週四指出，價格上漲幾乎沒有對買家產生任何影響：他們對玉米的需求是如此旺盛，以至於儲量的下降幅度達到了創紀錄水準。
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