Grains led all commodities higher, rallying for 2%. May corn futures finished higher by 3.5% to $7.08 per bushel. Prices were supported by a bullish USDA report, which showed that global corn inventory levels fell 3.5% to 122.51 million metric ton, while U.S. corn inventory levels declined 9.4% to 675 mln bushels. In the U.S., this is the lowest level since the 1995/96 crop season.

Notice how any drawdown on INVENTORY levels is good for a humongous ramp in the price of corn thanks to our friendly local speculators? I wonder if growing corn for ethanol has anything to do with the "lowest level since 95/96 crop season"?

You say speculators like it's a bad thing. Speculators often get the price up in time to cause asset or reserve adjustments for the next growing season. Plantings may shift to produce more of the depleted commodity. It is the price increase that gets the farmer to plant more of one thing over another.

As far as burning food for fuel..... that's just frigging stupid. Stupidity has a cost all its own.