The devastating heatwave that's overtaken the United States is destroying a great part of American agriculture. Forty-five percent of the corn crop has been destroyed, 35 percent of the soya bean crop, pushing the price of commodities to record highs. Overall, the global food prices have risen by 6 percent in July alone.

And what is the reaction of one of the biggest commodity traders in the world? Well, here's what the head of food department for Glencore had to say about all this. Chris Mahoney, who's the traders' director of agricultural products, said on a conference call, quote, "In terms of the outlook for the balance of the year, the environment is a good one." I have to add, a good one for Glencore. "High prices, lots of volatility, a lot of dislocation, tightness, a lot of arbitrage opportunities"—and that's "the purchase and sale of an asset in order to profit from price differences in different markets." Glencore, it should be added, reported pretax profits last year of $2.2 billion.

Sophia Murphy works as a consultant and senior adviser on agricultural, trade, and governance issues with the Institute for Agriculture and Trade Policy. She's co-author of a new research report, Cereal secrets: The world's largest grain traders and global agriculture, joins Paul Jay, Senior Editor, TRNN to discuss.

Full transcript available here.

Blood flows down the face of an injured protester who was injured during clashes between supporters of Spanish coal miners and riot police as they ended a "Marcha Negra" (Black March) near the Industry Ministry in Madrid July 11, 2012 (Reuters/Paul Hanna)

At least 76 people have been injured in Madrid as clashes flared up between protesters and police, the latter using rubber bullets. Thousands of Spaniards turned out against new cuts introduced by the government.

Those injured include 33 police officers and 43 protesters – miners and their supporters.

Minor arrests have been made so far, with eight people being detained. Three of those arrested reportedly threw bricks at police, local El Pais newspaper reported. The police have confirmed that there were no miners among the arrested.
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Witnesses and demonstrators claim that police started the attack without any warning.
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Protesters disagree with a 63 per cent cut in subsidies to coal mining companies, major contributors to the Spanish energy market. Unions say the plan threatens 30,000 jobs and could destroy their livelihoods.

Miners, who were hiking from the north of the country for the past two weeks, have been joined by tens of thousands of Spaniards also protesting against Prime Minister Mariano Rajoy’s tax hike.

The prime minister announced his decision to raise VAT by 3 per cent as part of the plan to trim the public budget by 65 billion euro over the next two-and-a-half years. Rajoy also declared a 3.5-billion-euro cut to local government spending.

Many protesters marched more than 400 kilometers (250 miles) from mines in northern Spain.

As protesters call for more demonstrations to make their voices heard journalist and writer Miguel-Anxo Murado told RT that the government seems to underestimate the protests.

Much more at RT.com