Commentary According to an old joke from the socialist and frequently underfed Soviet Union, Stalin goes to a local wheat farm to see how things are going. “We have so many bags of wheat that, if piled on top of each other, they could reach God himself!” the farmer told Comrade Stalin. “But God does…
Wheat Climbs Over 5 Percent to 2-Week High as Russia Suspends Black Sea Agreement
October 31, 2022
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Business & MarketseconomyEuropeMarketsRussia-Ukraine Warwheat exportwheat priceswheat shortagesWorld
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Wheat prices spiked after a Russian announcement that it would withdraw from the Black Sea export agreement, a decision which is expected to have a negative impact on the market. On Monday, the most active contract on the Chicago Board of Trade (CBOT) rose by 5.7 percent as of 4:16 a.m. EDT, to trade at…
Recession Barometer Copper Drops Below $7,000 per Ton in Ominous Sign for World Economy
July 15, 2022
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Business & Marketscommodity pricescoppereconomic barometereconomic recessioneconomyGold and CommoditiesMarketsrecessionUSwheat prices
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Copper prices fell below $7,000 per ton during July 15 trading at the London Metal Exchange for the first time since November 2020, worsening concerns about a looming global recession. The price decline was triggered by fresh data from China which showed the country’s economic growth slowed down in the second quarter, registering only a…
Record Chinese Wheat Prices Raise Risk of Pricier Noodles
June 4, 2022
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Business & EconomyChinaChina Business & EconomyChinese consumerseconomyEuropeRussia-Ukraine Warwheat pricesWorld
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BEIJING—Chinese consumers are likely to have to pay more for food staples like noodles and bread this year, as record wheat prices in the world’s top consumer of the grain get passed on to food makers, traders and analysts said. Wheat harvested in China in recent weeks is being sold at around 3,200 yuan ($477)…
News Clip: Farmers Deal W/ Rising Costs, Gas Prices
Some farmers are trying to balance higher fuel prices with higher wheat prices. Skyrocketing Gas Prices Are Hitting Everyone Where It Hurts — The Bigger Your Tank, The Harder The Hit. For Farmers Who Have Equipment With Thousand Gallon Tanks, One Fill-Up Is Astronomical. Since Fuel Isn’t The Only Thing Seeing A Price Hike —…
High Wheat Prices Suggest More Food Inflation Ahead: Commodity Trader
March 11, 2022
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Business & EconomycommoditiesEuropefood inflationinflationMarketsRussiaRussia-Ukraine WarUkrainewheat pricesWorld
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Global wheat prices have skyrocketed since Russia launched an invasion of Ukraine on Feb. 24. Russia and Ukraine together export 26 percent of the world’s wheat (pdf), according to the U.S. Department of Agriculture (USDA). Due to the war, the three largest shipping companies in the world suspended bookings to and from Russia. In addition,…
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