This year’s amber waves of grain are gonna be a lot smaller and way more expensive.
It’s the intense heatwave that’s taking a toll n farmlands in the Midwest. Crops including corn, soybeans and wheat are all in question with harvest season right around the corner.
Farmers and traders weren’t expecting this at all. In fact, they were counting on a bumper crop, but that was when the weather was cooperating. Farmers were able to plant more corn this year than they had in 75 years because of warm weather during planting season.
The U.S. is the world’s top exporter of corn, soybeans and wheat. A grain shortage in the U.S. quickly becomes a global problem leading to rising food rising around the world. Grain is used globally for the food industry and also to feed livestock.
Prices for soybeans are at their highest level since 2007 and the price of corn is up 30% in just the past two weeks.
Grains aren’t the only commodities impacted by current weather. Chocolate lovers beware. The price for cocoa is trading at an 8-week high due to dry hot weather in West Africa, where 60% of the world’s cocoa comes from. Cocoa is the key ingredient in chocolate.
Peace Love Profits,