On Tuesday, wheat closed at $22.40 a bushel on the Minneapolis Grain Exchange. A year ago it was at $5.00 a bushel. That folks is in the neighborhood of a 500% increase in the price of wheat! I know getting in the car and driving to the liquor store is important but having a crust of bread with your soup ranks right on up there in importance as well.
Global stocks of wheat are at 3o year lows and worse, U.S. stocks of wheat are at 60 year lows!
If you don't think these record prices for one of the most fundamental things in our food supply won't ripple through the entire food chain then you are living in fantasy land.
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