A combination of delayed plantings in Northern U.S. Plains and Canada due to soggy weather, a dry spell in Western Europe, chaos in Ukraine, and severe weather in India, have disrupted global wheat markets, sending prices in Minneapolis to the highest levels since 2008.
Spring wheat is used to make bagels, pizza crust, rolls, and croissants, among other specialty items, which touched a 14-year high on Monday morning at $12.31 a bushel due to delayed planting fears across the northern U.S. Plains and Canada because of abnormally wet conditions.
Across the Atlantic, a three-week drought plagues western Europe and adds more uncertainty for wheat. Weather forecaster Meteo France expects France to be hit with “summer-like heat this week,” according to Bloomberg.
Paris-based adviser Agritel suggests even though wheat crops have been in great shape. The latest dry spell could revise the crop ratings lower given the current weather outlook and weeks of drought.
“The growing water deficit in France is causing concern amidst an already tense market,” Agritel said in a commodity note.
Aside from Europe, India has considered halting wheat exports as a severe heatwave damaged crops.
“The situation is clearly stretched in terms of availability on the international scene, despite the very promising harvest expected in Russia,” Agritel added.
Then there’s Russia and Ukraine. Both are responsible for a quarter of global wheat exports and have been disrupted due to Moscow’s invasion of the Eastern Europe country. Ukraine, alone, accounts for 10% of global wheat exports.
Weather and geopolitical issues suggest global wheat crop supplies could come under pressure as stockpiles worldwide dwindle. This may continue to place a bid under crop prices and result in high food prices. This is one situation that global central bankers can’t print their way out of.
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To take the pressure off of Middle East and African countries from starving people rioting, we’ll probably have to import those people here – where they can eat McNuggets. For some reason, the ice cream machines are not working, however.
Bad sign, according to this guy….
Ice Cream Machines & Societal Disintegration
If you’re looking for a house and want to know if it’s a “good neighborhood,” go to the local fast-food places and see if the ice cream machine is working or not and who is staffing the restaurants. If they can’t keep the ice cream machine running, they won’t be able to keep the schools nice or the property values up, either. It’s an early tell-tale sign of decay.
It is my belief that even fast-food spots and corner stores can not only be wholesome and nice gathering spots for younger people and those with little means, but that they can be signals of high trust and cultural development in a homogeneous nation.
I hope that one day, all the ice cream machines in your town are fully functional and operated by people who look like you. If that happens, you’ll know you made it. This might not seem like much to you right now, but one day you’ll understand how much it truly means.
https://counter-currents.com/2022/04/ice-cream-machines-societal-disintegration/
What is this homogeneous nation that of you speak?
Japan. Finland is still 91% Finns and 96% European – until they join NATO and get dragged into a couple of wars. Then they’ll become “diverse”.
Haven’t been a fast food consumer since the ’70s … but my go-to rule to evaluate a neighborhood is to visit the local grocery store(s) and look at 2 things: who’s shopping there and how ‘diverse’ are the food choices.
If 20% of the food choices are taco shells and pinto beans in bulk — well, that’ll tell you something. If the patrons tilt toward one demographic group or another, that’ll tell you something (maybe the same thing), too …
Snow today in Idaho, potatoes corn onions all just up, have been frozen at the roots, start over plant again, whoops no extra seed, no more fertilizer, late planting+smaller yield=$10 loaf of bread by Thanksgiving…thank you sir may I have another-
I expect 50+ lbs of taters, red and russet , out of a small Texas garden this year. Last year we got 30lbs. Tater research and composting over all garden is paying off. Nice bush beans growing. Red, yellow and white onions doing well. Watermelon growing fast. Bell and jalapeno peppers bit by mid 30 temps in mid March but recovering. Garlic from Oregon planted in October seems to love it here in Texas. Dig garlic up toward mid June. Planting squash later than normal but should get a few batches. A small time labor of love.
BTW, seed potato went really fast here. Planted March 2 and nothing was up after three weeks. I thought bad seed potato? Was going to buy more but all gone. Guy at feed store said give them time, the ground is still too cold. Seems odd here, cold ground almost end of March. Then a week later, up comes the taters.
I am converting my place into a food forest. My entire landscaping will be edible, and camouflaged with little known edible plants such as, Cranberry Hibiscus, Seminole Pumpkins, Chaya, Moringa, katuk, Yuca, ect. Along with some well known plants, Peaches, Collards, Garlic, Bananas, black eyed peas, Loquats ect. Will be harvesting red beans early next week. This is only my second year growing and I really am having fun learning the new skill. Getting a bit of a bumper crop in annuals, but I think it will take four years before I START to see the Fruits of my labor ( pun intended ). Planted phase two and will start phase three of what will by the end of summer be a 1500 square foot annuals garden built with four worm/compost towers. Results are encouraging .
I should get more motivated and get the worm thing going. Red wigglers not only for the compost but earn a few bucks selling worms. Lots of people fish here.
I’ve researched raising worms just need to get ‘er done. When adding leaves to compost piles I find a lot of big night crawler size worms. They love leaves. Red wrigglers though for a “cash crop”.
Bananas. Sounds like an interesting garden unbeknown to Texans. 🙂
My observation on the overall market downdraft that has just begun.
Margin debt & Stock Market MANIA unwinding from the tippy top!!!
Just looking at the bluest of blue chip dividend payers getting sold off?? Why?
Margin calls across the board, IMHO.
https://www.yardeni.com/pub/stmkteqmardebt.pdf
Let’s see…spring wheat hit a 14-year high. 14 years ago was 2008. Does anyone remember a spring wheat issue in 2008?
I’m not certain about issues. According to this info wheat touched $11.92 March 10, 2008. Someone probably knows why. On down info indicates year 2008 high of $12.82. Assuming -30.99 % means less wheat production.
I sure don’t recall bread in 2008 priced like it is now.
I remember an Arab Spring that started in 2010 and followed shortages of staple bread in Egypt.