Courtesy of Agora’s 5 Minute Forecast:
After hovering at an 11-year high for months, wheat busted through to $7.50 per bushel last week — its highest price ever.
Canada — the world’s second largest exporter — announced this year’s crop would be 20% smaller than previously expected.
Japan’s Ministry of Agriculture, Forestry and Fisheries has announced that it will increase domestic prices for the second time since 1983 — by a staggering 10%. Instant noodle maker Nissin Food Products has already publicly expressed interest in raising prices for the first time in 17 years.
In Europe, where wheat prices have nearly doubled this year alone, Italy’s Association of Pasta Manufacturers recently announced its products would cost 20% more in the coming months. French patisseries have united and agreed on a nationwide 5-7% hike on the venerable baguette.