(Tyler Durden) Edible oil prices continue to surge to record highs amid adverse weather conditions for the world’s oilseed growers, adding to food-inflation worries that will persist through 2022.
Related Bill Would Give U.S. Government ‘Kill Switch’ in All New Cars
by Tyler Durden, January 9th, 2022
Rapeseed and canola prices hit another record high on Friday after last year’s harvests in North America and Europe were hit with severe drought and reduced plantings, slashing global rapeseed stockpiles to a four-year low.
New concerns are developing in South America as a La Nina weather pattern has produced hot and dry weather in top growing regions and massive floods hitting palm oil farms in Malaysia.
Then there’s the rally in crude prices and the push towards a greener future, leading to increased demand for vegetable oils to produce biofuels.
Arthur Portier, an analyst at Paris-based farm adviser Agritel, told Bloomberg, “the situation is really tight, and the buyers are still there.”
Paris rapeseed futures surged nearly 6% Friday to a new record high and was the largest intraday gain since 2009. North American canola rose as much as 1.5%.
Edible oils are a vital ingredient for many consumer packaged goods. Rising prices will only make food more expensive.
China and India are the biggest importers of edible oils. Emerging market households will feel the most pain as food prices continue to rise because they dedicate larger amounts of income to food purchases than developed world households.
With pressures from high demand and tight supplies, edible oil prices are expected to remain high this year. Also, global food prices as a whole are at decade-high levels.
Fight viruses, remove heavy metals and microplastics, and restore your gut all at once with
Humic and Fulvic Acid from Ascent Nutrition.
MUST HAVE DETOX POWERHOUSE!
Save 10% and get free shipping with a subscription!
Stillness in the Storm Editor: Why did we post this?
The news is important to all people because it is where we come to know new things about the world, which leads to the development of more life goals that lead to life wisdom. The news also serves as a social connection tool, as we tend to relate to those who know about and believe the things we do. With the power of an open truth-seeking mind in hand, the individual can grow wise and the collective can prosper.
– Justin
Not sure how to make sense of this? Want to learn how to discern like a pro? Read this essential guide to discernment, analysis of claims, and understanding the truth in a world of deception: 4 Key Steps of Discernment – Advanced Truth-Seeking Tools.
Stillness in the Storm Editor’s note: Did you find a spelling error or grammatical mistake? Send an email to corrections@stillnessinthestorm.com, with the error and suggested correction, along with the headline and url. Do you think this article needs an update? Or do you just have some feedback? Send us an email at sitsshow@gmail.com. Thank you for reading.
Source:
DIRECT DONATION
Support our work! (Avoid Big Tech PayPal and Patreon)
Leave a Reply