The following report is from Statista:
Crop prices are rising in the U.S., in large part due to an increased international demand led by top buyer China. New data shows how crops like wheat, soybeans and corn have all seen significant gains in price over the last three months.
According to data collected by FactSet, these four common types of crop in the U.S. have all grown in futures price by over 20% since August. Leading the charge is hard red winter wheat with a nearly 33% increase, followed closely by corn and soybeans at around 32%. Soft red winter wheat has had a more modest but still substantial 21% increase over the past three months.
The Wall Street Journal reports investors remain optimistic and bullish on agricultural prices in the U.S., with confidence solidifying as China continues to buy the bulk of U.S. crops. According to the U.S. Agriculture Department, China is on pace to purchase record volumes of corn from the country and is pursuing above-average amounts of soybeans and wheat.
Still, global production of crops like soybeans are expected to underperform in many parts of the world. Top producing-states like Ohio and Indiana have had low yields this year, while the world’s largest soybean producer, Brazil, is running low due to huge purchases made by China.
AUTHOR COMMENTARY
He that tilleth his land shall have plenty of bread: but he that followeth after vain persons shall have poverty enough.
Proverbs 28:19
Crop prices go up, prices at the store go up. And then the government can come in and bailout more of the farmers again, probably, just like in 2019 and 2020.
Gerald Celente and The Trends Journal team often use a term called “dragflation.” In their own words that means “costs of goods services and wages decline as costs to purchase them goes up.” This is what this means.
All the more reason to look for opportunities to be your own resource and provider, as the grocery store prices continue to rise and the potential for more covid related nonsense.
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