'Panic' wheat buying across the US

[jpak]

http://nqr.farmonline.com.au/news_daily.asp?ag_id=48995

In the wheat price surge this week, the leading wheat contract in Minneapolis, US, has risen by more than the entire worth of the contract just months ago.
Prices rallied by $5.75 a bushel on Monday, being up by nearly 30pc at one point compared with Friday’s close.

Eight months ago on June 19, the lead Minneapolis wheat contract settled at over $US5.00 a bushel.

Panic over commodity shortages continues to emerge as the dominant factor in the global markets, with both end user and speculative buyers of corn, soybean, cotton, rice and a host of other commodities taking note of what’s happening in the wheat pit.

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[phantom power]

1. I $#@!@$ hate this century.

And it's barely 7% over.

[pscot]

6. A loaf of Orowheat Oat Nut

is selling for $3.99 at payless foods.

[DJ13]

2. It sounds like a contest between oil and wheat traders

This spring, which will hit $4 first?

A gallon of gas, or a loaf of bread?

[htuttle]

3. Let's hope it's bread... cf. France 1788.

If people get hungry first, something might change before it's entirely too late...

[hogwyld]

5. Let them eat cake... n/t

[OKIsItJustMe]

4. Wheat Falls From Record as Farmers May Increase Global Seeding

http://www.bloomberg.com/apps/news?pid=20601087&sid=a_NB8OxGCbiI&refer=home

Wheat Falls From Record as Farmers May Increase Global Seeding

By Jae Hur and Danielle Rossingh

Feb. 27 (Bloomberg) -- Wheat plunged as much as 11 percent, retreating from a record in Chicago, on expectations that the world's farmers will plant more to take advantage of prices that doubled in the past year. Corn and soybeans also fell.

Wheat planting in the U.S. will rise 6 percent to 64 million acres in the year ending May 31, 2009, the U.S. Department of Agriculture's acting chief economist Joe Glauber said Feb. 21. The increase will help inventories almost double to 538 million bushels, USDA data show.

``Farmers across the world will increase plantings on the back of these strong price signals,'' said Sudakshina Unnikrishnan, an analyst with Barclays Capital in London. ``Fresh supplies might come in after'' the June harvest, which may push prices lower in the second half of the year, she said.

Wheat for May delivery fell 85.5 cents, or 7 percent, to $11.29 a bushel at 10:07 a.m. on the Chicago Board of Trade, after earlier dropping by the new trading limit of $1.35, or 11 percent, to $10.795. Before the decline, prices touched a record $12.89. The trading limit was raised after the price rose the previous maximum of 90 cents yesterday, which was set after wheat jumped the earlier limit of 60 cents on Feb. 25.

...

[OKIsItJustMe]

7. Black Horse of the commodities exchange?

...

The net result on Monday was new all-time record high prices for corn, soybeans and wheat on the same day.

...

http://bible.oremus.org/?ql=71209582

⁵When he opened the third seal, I heard the third living creature call out, “Come!” I looked, and there was a black horse! Its rider held a pair of scales in his hand, ⁶and I heard what seemed to be a voice in the midst of the four living creatures saying, “A quart of wheat for a day’s pay, and three quarts of barley for a day’s pay, but do not damage the olive oil and the wine!”

[Nihil]

8. You abbreviated the quote ...

> A quart of wheat for a day’s pay, and three quarts of barley
> for a day’s pay, but do not damage the olive oil and the wine ...

... because we need food-based fuel to run the Hummer!

:hi:

[OKIsItJustMe]

9. Lovely

Just about laughed myself off my chair.


Upon reflection, while (I assume) it was intended as humor, that's almost eerie...

[Nihil]

10. Yeah, I know what you mean ... (and yes, it was so intended) ...

> Upon reflection, while (I assume) it was intended as humor,
> that's almost eerie...

... like hearing an echo when you don't expect one ...

This isn't the place to discuss Old John's prose but from time to time
there are disconcerting parallels (IMO) ...

:yoiks:

[OKIsItJustMe]

11. Man, it's getting worse...

I'm really not one for "Biblical Prophecy" or Eschatology in general, but that parallel just keeps ratting around in my brain...

“... do not damage the olive oil and the wine!”

I've never made heads or tails of that. It's giving me chills.

[CRH]

12. Grandpa used to say, ...

during the depression a loaf of bread was only a five cents, but no one had a nickle.