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19172 |
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Date: May 24, 2024 at 10:30:25
From: ao, [DNS_Address]
Subject: Food Inflation Fears Rekindled as Crop Index Erases 2024 Loss |
URL: Droughts, frosts and heavy rain are raising the cost of agricultural staples |
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An index of major crops wiped out its 2024 loss as bad weather stokes
worries about harvests from wheat to coffee, reviving concerns about rising
food prices.
Droughts, frosts and heavy rain are popping up across key growers,
threatening tighter supplies and lifting the cost of agricultural staples. A
Bloomberg gauge tracking nine farm commodities has turned higher on the
year and is headed for the largest weekly gain since July.
While the measure remains far from its 2022 peak, the gains could
eventually spell higher consumer prices from bread to beverages after a
period of subdued inflation in the grocery aisle. Climate change and
geopolitical concerns are likely to keep crop prices elevated, said Paul
Bloxham, HSBC Holdings Plc’s chief economist for global commodities.
Chicago wheat futures on Friday traded near the highest since July as poor
weather in major exporters from Australia to Russia raises concerns over
supplies.
Deteriorating harvest prospects in top shipper Russia have fueled the gains,
with more downgrades likely in the next couple of weeks, Dennis
Voznesenski, associate director of sustainable and agricultural economics at
Commonwealth Bank of Australia, said in a weekly report.
Robusta coffee prices — another component of the index — are headed for
a roughly 9% weekly gain, the biggest since last December as dry weather
in key producer Vietnam puts the world on track for a fourth year of robusta
deficits. Orange juice set a fresh intraday record Friday on the back of a
sinking Brazilian harvest, and weather woes have also lifted benchmark
Asian rice prices to the cusp of a 15-year high.
Cocoa futures in New York are poised for a weekly gain of almost 12%.
Futures have resumed a rally due to falling bean inventories in exchange-
monitored warehouses amid uncertainty over next season’s crop. Prices are
expected to remain high throughout the current season’s mid-crop,
supported by the market fundamentals, the International Cocoa
Organization said in a report Wednesday.
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Responses:
[19178] [19181] |
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19178 |
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Date: May 28, 2024 at 19:38:04
From: eaamon, [DNS_Address]
Subject: Re: Food Inflation Fears Rekindled as Crop Index Erases 2024 Loss |
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it is food for one worry but it is another that the worlds population is
growing so fast the food line will not be able to keep up.
then those with money will be the only ones in line able to afford food.
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Responses:
[19181] |
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19181 |
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Date: May 29, 2024 at 10:50:06
From: ao, [DNS_Address]
Subject: Re: Food Inflation Fears Rekindled as Crop Index Erases 2024 Loss |
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Well that's one way to solve our problems.
But for real, what's the actual carrying capacity of the planet? How many
billions do we need to get rid of in order to live here in balance with nature?
Count it up, do the math, and figuring out how to balance the books. China's
one child policy starts looking better every day, doesn't it? I mean, that'd be
better than just slaughter the excess as we're doing now, right?
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Responses:
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