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Cargill Inc., the largest agricultural company in the U.S. and a major player internationally, has announced a massive jump in their second-quarter profits of 34 percent on the back of gains in shipping, trading and processing grains and oilseeds. Net income in the three months to November 30 was up to $662 million compared to $495 for the same quarter the year before, boosted by record demand for corn-based ethanol, and soybean-based biodiesel. Corn prices have reached levels not seen for decad

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The Associated Press, in a story published today, sees in the recent statements of two agri-giant chairmen the broader debate of whether or not farmland should be used to grow food or fuel.

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