If there ever was headline that should make you stand up and take notice, this is certainly one of them.
On top of record-breaking rice prices and corn through the roof on ethanol demand, wheat is now rusting in the fields across Africa.
Officials fear near total crop losses, and the fungus, known as Ug99, is spreading.
Wheat prices have been soaring this week on top of already high prices, and futures contracts spiked, too, on panic buying.
Experts fear the cost of bread could soon follow the path of rice, the price of which has triggered riots in some countries and prompted countries to cut off exports.
David Kotok, chairman and chief investment officer of Cumberland Advisors, said the deadly fungus, Puccinia graminis, is now spreading through some areas of the globe where “crop losses are expected to reach 100 percent.”
Now I really don’t expect anybody to pay attention to this, but certainly a few will. And it will “break the bank”, I guarantee it. We will certainly see more of this, far sooner then anyone feared: Food Riots Erupte Worldwide
My ship times are 12 weeks a climbing. Polyanna’s (as usual) have proven to be dead wrong. Not to worry, they’ll soon be dead too.
A worldwide wheat failure has unbelievably serious consequences. Production and harvest shortfalls and the economic doom are bad enough, but a total crop loss?
Time to buck up. Going to be hard, hard sailing ahead. I told you nobody was ordering enough food. Prices are going to go into the stratosphere while people are dying.