"Corn and soybean prices skyrocketed after the government lowered this year’s production forecasts. As demand for already tight supplies for both crops grows, coupled with greater global demand, one international organization has warned of possible “social an political instability.”
Corn and soybeans rose about 4 percent Wednesday to the highest they’ve been since July 2008. Analysts expect the gains to continue to until there is a clearer picture of how global crops for both will fare this year.
There also is speculation that the price gains will translate into higher food costs for consumers and raw materials costs for businesses, such as livestock owners and ethanol producers...
...That concern is not just unique to the U.S. A report from The World Economic Forum released this week cited rising demand for water, food, and energy as a risk facing the world, reports the WSJ.
A growing global population and greater prosperity “are putting unsustainable pressures on resources,” the report said. It also raised the issue of shortages, which could “cause social and political instability, geopolitical conflict, and irreparable environmental damage.”
Thursday, January 13, 2011
I hate to sound like a broken record but, have you started buying some extra food and storing it away yet? Have you got some seeds? This is going to be a tough year if the reports are right and there's no reason that you can't plan for it. But you must start now. Time is getting short.