A Global Need for Grain That Farms Can’t Fill

On his North Dakota farm, Dennis Miller has seen wheat prices steadily climb.

The New York Times

A Global Need for Grain That Farms Can’t Fill (Published 2008)

David Streitfeld •

When much of the country is contemplating recession, farmers are flourishing because of runaway demand.

heads up: this is a pretty old post, it may be outdated.

“Everyone wants to eat like an American on this globe,” said Daniel W. Basse of the AgResource Company, a Chicago consultancy. “But if they do, we’re going to need another two or three globes to grow it all.”

—A Global Need for Grain That Farms Can’t Fill - New York Times

Notice how the price of food has gone up recently – it's all because the price of grain, worldwide has gone up. Third world countries are now able to afford better food (e.g. bread), which leads to increased demand. Supply hasn't compensated; world stockpiles of grain are at an all time low, and prices have doubled. Great if you're a farmer, sucks for the rest of us.

I have personally seen a loaf of bread at the local supermarket go from £0.70 to £0.90 to £1.20 over the past month and a half. That's nearly double for the same loaf of bread.