Jim Rogers: If you’re worried about evil speculators making money, go to the field and drive the price down

The prices of corn, soybean and other basics skyrocket in the U.S. after the most severe drought in decades that are all across the Midwest. Certainly this news is very bad for all the consumers, but there are people that are very happy about this situation. The finance guru Jim Rogers is one of them and while others suffer from the drought, he is making serious money.

The commodities trader Rogers admits, that he is ecstatic to see prices going higher because that might save the day. He sees the picture like this: most people like are sitting around saying "Oh my God, evil speculators are making money at the expense of consumers".

Well, Jim Rogers has something to say to those people: "If you’re worried about evil speculators making money, go to the field and drive the price down". In his opinion, soon there will be nobody to produce the food if the prices do not go higher.

Since the beginning of June, the Rogers International Commodities Index for Agriculture, or RICIA, has jumped 18 percent. The index, which tracks the price of crops globally, is up roughly 10 percent for the year.

Jim Rogers believes that agricultural commodities prices are so low that farmers can’t make a good living. He added, that as this generation of farmers gets older, low prices mean less incentive for others to join the profession. All this is a recipe for a global crop shortage due, in part, to cheap corn, Rogers said.

He believes that until the prices go high enough and stay high enough long enough, there are not going to be any farmers in the United States. Where is the food going to come from, unless 'evil speculators' make a lot of money? Unless somebody invests a lot of money in agriculture?, he asks.

Are farmers going to work for nothing? You better hope prices go higher and people make money. If they don’t, we’re not going to have any food, said Rogers. He added that America produced 200,000 MBAs last year and fewer than 10,000 agriculture school graduates.

Rogers added: "For the first time in recorded history, we don’t have anyone to go plant the crops."