Food becomes black market's hottest product
Swiped grocery items outpace electronics and base metals. Some recent cargo heists have targeted cheese, juice, Nutella and soup.
Food may be the perfect item to fence on the black market. After all, a hunk of cheese doesn't carry the type of high-tech tracking equipment often loaded in electronics.
That helps explain why the hottest stolen commodity among all cargo thefts is food, according to Tyco Integrated Security (TYC). Out of all cargo theft incidents, 19% were related to food, outpacing electronics (at 18%) and base metals (9%), according to the survey, cited by trade publication Food Manufacturing.
Another reason: On the black market, food is more valuable than other products, getting 70 cents on the dollar, Tyco Integrated Security executive Don Hsieh told BloombergBusinessweek. By comparison, electronics fetch only 30 cents on the dollar or less. The rise in food thefts comes as commodity prices have increased, leading to higher grocery prices.
Below are four big recent food heists.
The 21-ton cheese theft. In March, an Illinois man was charged with stealing $200,000 worth of Muenster cheese from Wisconsin. Authorities claim he provided false paperwork to a distributor, allowing him to load 42,000 pounds into his 18-wheeler. He was supposedly planning to fence the cheese to retailers on the East Coast.
Boosted juice. In early May, a thief impersonated a delivery driver and drove off with $153,000 worth of gourmet juices. The juices are made by BluePrint, which the New York Post says sell for $10 apiece on average and are said to "cleanse your insides."
Nutella's $20,000 swipe. Culprits stole five tons of Nutella from the German town of Bad Hersfeld in April. The missing chocolate-hazelnut spread is valued at $20,700, according to CBC News.
Soup. A tractor loaded with $75,000 worth of Campbell's (CPB) soup was stolen in April from a Florida truck stop, according to the South Florida SunSentinel. The police tracked down the shipment using the truck's GPS signal and arrested an Orlando man.
Follow Aimee Picchi on Twitter at @aimeepicchi.
Thank you Mr Obama for devaluing the US dollar by printing trillions of "new" currency. The devaluation of the US dollar causes ALL commodities to take more US dollars to purchase them, this reflects the true value of the US dollar.
By doing this your underhanded move has put the US closer to your goal of socialism! A strong central government that runs peoples day to day lives. Because of your policies over 57 million people now depend on the government for food stamps and untold millions for housing and medical, and you still invited millions of new immigrants (both illegal and legal) into our country. Most of these people bring nothing to add to our culture with the exception of "taking away" our freedoms and culture.
lastly because of your cowardice for not doing the right thing and limiting your printing of money and facing the recession with "pro business" regulation, you have hurt the people you claim to want to help, the poor, retired (on fixed income) and the middle class.
Tell us about your trip to Mexico and your promise to build more manufacturing there? We know you built two GM plants there with our tax dollars that bailed out GM rather than doing the right thing and letting it start up again by going thru bankruptcy!
You dream of America as a failed socialistic county is unacceptable to any educated person, you concept of fair will only take down this country to the lowest level and bring very few up. That is just the way socialism works! Ask Greece, Italy, Spain, Venezula and the UK ~
Then why do lots and lots of foodstamper trash sell their foodstamps for drugs, booze, lotto tickets, or convert to cash for pennies on the dollar????
How many more crack houses need to get busted where they find hundreds of foodstamp cards with pin numbers???
This is the next Benghazi for p-bo, buying votes with foodstamps.
Our food is being shipped to other countries also. Last year Georgia pecans were being shipped to China and other countries because they would pay a higher price for them. The price for nuts especially pecans has gone sky high. Have you seen the price for the tuna fish on the popular show and the price for crab meat also? A tuna can be sold for $25. or more per pound. These fishermen are getting thousands of dollars for one fish. These things are being sold to other countries for exuberant prices. This is just the beginning of this. We can buy things cheaper here in the US than they can in China or Japan but when they pay $50. a pound for anything that we pay $10. for there is going to be a problem. Anything can be sold like this a can of soup or anything else. If you are sending food to China and they are buying all the soup you have for $5. a can wouldn't you prefer to sell it to them than to sell it to the store here for $1.00? Wake up people. Stock piling food is not the answer. Our laws need to be changed to prevent this before it gets out of hand.
With what we are seeing here in the US and around the world with other industries scrambling for the last few pennies that people have, you better start believing that the food companies will be ratcheting up the prices and availability of food stuffs.
Unless you are part of the meek shall inherit the earth crowd, you better be buying a shotgun to keep your food safe for your family. Hungry people will not stop at doors nor will they be afraid of prison (where by the way they will be fed) if it means going even hungrier.
Smarten up people class warfare is rampant now, wait till only the upper class has access to food.
Soylent Green is made of politicians, CEO's and the other self serving bastards that have just destroyed the global economy. YUMMMMMMY
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
Many drivers don't know what common car warning lights mean, according to a new Insurance.com survey.
- Why GM, Chrysler are riding high
- Can you opt out of Medicare?
- Student loan debt climbs for 5th year in a row
- Plans revived for 'floating city' of 50,000 people
- Homeowners insurance: Bountiful coverage for bad cooking
- 3 stocks for the 3-D printing revolution
- Why restaurants are adding tablets to the tables
- America's greatest export is its debt
- True test for Obamacare: Will it make US healthier?
[BRIEFING.COM] The major indices hit news lows for the session in the last half hour as buyers simply aren't showing a lot of conviction so far. Strikingly, the Russell 2000 is bucking the broader trend and is up 0.1% (not a big gain but an intersting one in light of the weakness in most other areas).
There has been a lot of talk today about economic activity improving given the headline surprises in the initial claims and Q3 GDP reports, yet there isn't any clear strength in the ... More
More Market News
The Street's 'corrective action' made an attractive company that is growing profitability even more appetizing.