Wheat prices in Europe are hitting record highs and now India has put a ban on exporting the product, which has sparked new fears about worsening shortages.
On the Euronext stock exchange, wheat hit the record high and it is in part because of the export ban from India after authorities shut them down due to the droughts in India that have massively affected crop yields.
Der Spiegel reported that the price for a ton of wheat hit €435 (~$454) on Monday morning, as supplies from Ukraine, India, and even parts of Europe which are also suffering from drought, dry up.
CNBC reported that EU trade chief Valdis Dombrovskis expressed concern about the export ban from India saying, “That’s something which is very much of a concern.”
“We agreed with the United States to cooperate and coordinate our approaches in this area, because … as a response to Russia’s aggression against Ukraine and a corresponding increase in food prices and concerns about food security, countries are starting to take export restrictive measures,” he continued.
“And we think that this is a tendency which can only actually aggravate the problem,” specifically giving a forthcoming ban on the export of palm oil from Indonesia as something which would only “make matters worse.”
The European Commission has officially revised its official growth predictions downwards, while food security in Europe is set to become far more unpredictable and unstable.
POLITICO reported that the European Union (EU) is only expecting overall growth to be limited to 2.7 percent this year and inflation in the EU is about to hit 6.9 percent this quarter.
Paolo Gentiloni, the EUs economic tsar, insists that the economy is still growing and that it is not appropriate to use the term “stagflation” to describe the current situation in the Eurozone.
“We have a very high level of inflation, and we have one of the deepest downward [revisions] for growth in our seasonal forecast. But this is not until now bringing growth in negative territory,” the publication reports the commissioner as saying.
“I’m not a strong supporter of the stagflation word because it was used in previous and very different circumstances, but indeed we have very high inflation and quite low growth,” he also emphasized.
While it does not seem like these numbers are all bad, the published forecast does not factor in the possibility that Russia might cut off Europe from much needed supplies of gas – Poland and Bulgaria have already been cut off.
POLITICO also reported that if Russia did decide to cut off Europe, countries who are heavily reliant, like Germany, will quickly fall into a recession. The situation does not look good for Europe and the rest of the world.
My, if we were allowed to be energy independent again, we could again be marketing gas to Poland, Bulgaria, Germany, etc. We could easily supply change issues here by bringing diesel fuel cost down besides gas and heating fuel. Currently some truckers say they’re getting close to not being on the road, as their load profits are so affected by high diesel cost. That includes shipping fam crops and grain products. The farmers are also highly affected by shipping problem as they try to ship grain.
Biden is now also cutting Alaska oil drilling and pipeline shipments to lower states. Water is going to affect food, too, as Newsome has declared water will be decreased to farms/food suppliers who need it for crops, citrus, livestock. Watering of LA lawns will continue. Does he even have the smarts to know citrus trees devoid of water will die and it takes years and a lot of money to buy more trees and years to get crops. Newsome/Biden are also not going to allow WATER WELL DRILLING. He continues to empty and flush water reservoirs yearly, a 30 yr practice to save a tiny endangered fish species, which they’ve found, over 30 yrs, has not made a difference.
Biden is blaming Abbot for baby food shortage, and holds himself blameless. Abbot is incensed, stating the accusation their plant was contaminated was proven false. Biden is using taxpayer dollars to buy up, and hoarding, a massive amount of baby food milk replacer which they used our dollars, again, to build a huge warehouse in McAllen, TX, to hold the thousands of canisters of it. He has mandated this milk replacement supply is to ONLY available to ILLEGAL ALIENS, as much as they want, free. NONE IS BE USED FOR AMERICAN BABIES. Biden obviously starting buying up these products LAST FALL when parents noticed signs of some product shortages. Biden did nothing to address the looming shortages for Americans; in fact his buying and hoarding for ILLEGAL ALIENS contributed to it worsening.
If Title 42 ends next week, BCP estimate massive unchecked inflow of illegals will occur, approximately 18,000+/ DAY. 365 days of that = 6,570,000 or more, from 157+ countries, unvetted and including from terrorist supporting countries.
I assume if he is already prioritizing food to go to ILLEGAL ALIENS’ BABIES, if there is a shortage of ADULT FOOD possible, he is likely already buying, with our money, and hoarding adult food products to be used ONLY for ILLEGALS. Worldwide, countries facing food shortages to come, will increase pouring into the US in ever increasing numbers for FREE FOOD Biden/Harris will be doling out to them.
We have a President and Cabinet that we finding lie to us, and place the well-being of illegal aliens and other countries above that of American citizens. We see them taking actions that will greatly harm our country now and for years to come. THEY DO NOT SEEM TO CARE. Does he listen only to Xi/CCP/China and the Squad and their like, who hate America and Americans?
Contact your legislators to take any proven 2020 vote fraud to go forward to decertify the electoral votes and remove any fraudulent Administration. The importance of putting actual President back in office and removing fraudsters. America needs to survive.
BTW, this week Biden also decided he needs to decrease the military in Alaska (as both Russia and China voice they want Alaska), take away the soldiers land transport/fighting vehicles and make the soldiers INFANTRY and PARATROOPERS, to walk in Alaska -90 to -115°F temps and windchill away from the southern coast area. This Admin is truly either insane or hellbent on destroying America. Definitely following Communist playbook. Xi is surely delighted, as are our other enemies.
Biden is CLUELESS!! He is a disgrace to our Country!! He will destroy our once proud nation. Glad my proud Air Force dad isn’t here to see this disgusting development!!
The Dem. can do no wrong but nothing right. You need to tell the trucker not to deliver anything to D.C. and just let them starve then maybe they will wake up
It’s so disgusting that our current government leaders don’t seem to care about the citizens of the United States. Get their names and make sure that they don’t get re-elected again.
AMEN!!!
It seems to me Biden and his so-called administration are actively pushing for another civil war but this time it will be Democrats/liberals against Republicans/conservatives. Want to bet which one will win. Most conservatives have guns and will fight to defend their families. Most liberals do not and would not. Conservatives have allies in every state (including blue ones) so it would not be a good idea for Biden to try to force civil war on us. Then again, when was the last time Biden had a good idea.