Posted here October 2, 2007

Food Prices are
Out of Control!

Now, a Massive Pesticide-Resistant Fungus is Threatening Worldwide
Wheat Crops and About to Send Prices to Record Highs.

A massive pesticide-resistant fungus known as “wheat rust Ug99,” is threatening billions of dollars of wheat crops in Asia. This fungus, which is named for the place and date of its first discovery (Uganda in 1999), has spread across East Africa and the Middle East and is now threatening wheat crops in Iran, Pakistan, Afghanistan, and India with chilling implications.

So far NO cure has been found to kill this fungus! 

The last outbreak of stem rust in North America in 1954 wiped out 40% of the region’s wheat crop, sending food prices through the roof.

The fungus is destroying wheat harvests at a time when the world’s supply of wheat is already stressed to the breaking point.  The consumption of wheat has outstripped the available supply during six of the past seven years. 

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The increased demand for crop-based fuels [ethanol, bh] is forcing prices of wheat, corn and other grains higher as well. This latest need for these types of alternative energy sources is putting pressure on food prices throughout the world and unleashing a unique source of inflationary pressure.

Global grain supplies are at their lowest level in more than three decades and some experts fear the situation could get worse if more crops are set aside to make ethanol or other forms of alternative energy.

A major crisis is about to unfold. The warning signs are everywhere:

• On August 31 wheat futures in Chicago hit a record high on track for the biggest monthly gain in 34 years!  [Our wheat supplier has notified us that we will get WEEKLY price increases from now on. Increases USED to be annual.  bh]

• Skyrocketing demand from South Korea and India reduced inventories to dangerously low levels.

• Prices for the grain have doubled in the past year as poor weather in Australia, parts of Canada, Europe, and the Ukraine, damaged crops

• According to the U.S, Department of Agriculture, global stockpiles of wheat have fallen to the lowest level in 26 years.

Furthermore, China’s growing demand for food products has quadrupled over the past five years, and continues to rise today.  In fact China and India are coming dangerously close to a situation where nothing short of a miracle harvest will be enough to meet their needs and prevent additional increases in already surging food prices.

Fueled by rapid economic growth, China and India, as well as scores of other emerging economies, expect to see food prices soar even higher in the coming year.

And like the current housing crisis in America, the news will get worse before it gets better.

Originally published at https://www.newsmaxstore.com/newsletters/etf/orderetf.cfm?s=al&promo_code=3AA7-1

Now would be an excellent time to get your food storage in order!

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