Wheat prices jumped on Wednesday, taking the week's gains to 17%, an ascent that threatens to put fresh pressure on fragile Middle East governments that import the grain to feed their people.
Wet weather in the U.S. and dryness in Western Europe are driving the recent rise. Wheat futures jumped 53 cents, or 7%, to $8.17 per bushel Wednesday, the biggest single-day dollar gain in more than seven months, and are now up 91% in less than a year.
Rising wheat prices jarred global markets last summer, amid a harsh Russian drought, and have stayed high for months. Some analysts worry the bad weather that pushed prices up this week could further curtail supplies and send prices even higher.
Posted by gr(o)mgoru 2011-05-23 07:05||
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#1 Wet, dry, drought, bad weather...
See? It's that manmade golbal warming again. This proves it!
Posted by James Hansen, PhD. 2011-05-23 13:17||
2011-05-23 13:17||
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#2 This wheat issue is serious. Allot of food has wheat as a filler. Dog food has wheat, feeds, and of course most breads and deserts. Egypt is now in a desperate slide. They import most of their foods. The money is running out. The pressure cooker is maxed out. Soon something is going to blow. They will do the Obama thing and attack those they think have anything. Who has money to bail them out. Unfortunately another black hole.
Posted by Dale 2011-05-23 14:25||
2011-05-23 14:25||
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Posted by Anonymoose 2011-05-23 16:08||
2011-05-23 16:08||
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#4 We have been one bad harvest year away from upheaval for a few years. Combine the bad harvest around the globe and the additional energy costs and you have a recipe for global food riots.
2011-2012 are going to be really interesting to say the least.
Posted by DarthVader 2011-05-23 16:15||
2011-05-23 16:15||
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#5 The Three Gorges Dams new normal: failure
Chinas drought has caused the Three Gorges reservoir level to drop precipitously, crippling the mighty Three Gorges Dam. Shipping on the Yangtze River has now halted, power generation has been compromised, and geological hazards are heightened.
Posted by Water Modem 2011-05-23 16:41||
2011-05-23 16:41||
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#6 I forgot to mention meats are expected to jump sharply as a result of the poor harvest of grains.
Farmers went to corn for the finical gains to be had. Now oats are in short supply and I'm sure other crops as well. Late start in the east planting due to the wet conditions. Some talk of replanting and now issues with potatoes rotting in the ground.
Posted by Dale 2011-05-23 17:13||
2011-05-23 17:13||
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#7 why they worried? we will just give it too them for free while our own citzens are hungry. Tough shit they have all that oil money they can buy it with.
Posted by chris 2011-05-23 18:37||
2011-05-23 18:37||
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#8 Its not just bad weather conditions. A new variety of wheat rust disease is moving thru Africa and the mideast.
Posted by Cromert 2011-05-23 22:03||
2011-05-23 22:03||
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#9
The West need to set up a nice cartel - Wheat-PEC. Raise the price and get some of our money back from our wonderful arab friends.
Posted by Hellfish 2011-05-23 22:07||
2011-05-23 22:07||
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