"Wheat futures for March delivery rose 18.25 cents, or 2.2 percent, to close at $8.565 a bushel at 1:15 p.m. on the Chicago Board of Trade, capping a seven-day advance of 11 percent. Earlier, the price reached $8.6125, the highest for a most- active contract since Aug. 6. The grain has jumped 73 percent in the past 12 months."
"“US Crop Stock Forecasts Deepen Fears of Food Crisis” read a recent Financial Times headline. The US government cut its estimate for key crops. This came only a week after the UN warned the world faces “food price shock.” Corn and soybean prices jumped and now sit at 30-month highs. Inventories are very tight. Corn is up 94% since June!"
"Food prices hit a record level last month, according to United Nations statistics, and are forecast to grow by more than 30 per cent this year. In a worst-case situation of critical shortages sketched by Citigroup Inc. analysts, prices could skyrocket by as much as 75
The Globe and Mail
H/T Economic Collpase Blog
Friday, January 28, 2011
You absolutely must face the truth about the cost of food in the coming year. This isn't some crazy prediction, it's happening, right now. You either begin to take steps to protect yourself, staring today, or you WILL have problems feeding yourself sometime this year, unless of course you're just plain old rich, but even that won't help you if the shelves go bare because no one can afford to produce at these prices.