"Feb. 11 (Bloomberg) -- Wheat futures in Chicago rose by the daily limit for a sixth day, breaching $11 a bushel for the first time as the U.S. forecast its lowest inventories in 60 years.
U.S. stockpiles will drop to 272 million bushels at the end of May, 6.8 percent less than expected a month ago and down 40 percent from the prior year, the Department of Agriculture said in a report Feb. 8. Inventories will be the lowest since 1948 when farmers grew less and shipped more wheat overseas to help countries to rebuild after World War II, economists said."
I don't make this stuff up. We have a food production problem, an energy problem, a currency problem, a trade deficit problem, we are at war, and the voters in the American presidential race are more concerned with the symbolism of the shade of the candidates skin, the contents of their underwear, or their lack of conservative credentials than with a pesky problem like not enough food or fuel.
Call me crazy, but that just doesn't compute.
Speaking of not computing...
The world financial markets are getting beat up, economies are hitting the skids all over the western world, and the price of Oil is having a hard time staying below $90 per barrel (as I write this the front month WTI contract is trading at $92.09 on ACCESS). Shouldn't oil be getting killed in a recession? The media tells me it will, CERA tells me it will, but the futures market says no. I'm going with the guys who actually have skin in the game.
Yours for a better low carbohydrate world,
Mentatt (at) yahoo (d0t) com
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