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Wednesday, August 22, 2012

Food Prices Kick in Stomach, Gas Prices Pumping Up



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Due to Drought, Climate, Weather Changes 

According to about.com’s Robert Longley, about 87 percent of the 2012 corn crop and 85 percent of the soybean crop stand to be ruined by the “extreme to exceptional” drought that has slammed more than half the country.  The U.S. Agriculture Department had predicted corn yields to reach be the nation’s biggest harvest ever in the spring, when farmers planted 96.4 million acres of corn — the most since 1937. But it cut its estimate a month ago and again Friday, saying it now expects the nation to produce 10.8 billion bushels, the least since 2006.  Corn is used as a benchmark for rising prices since it is used as an ingredient in everything from cosmetics to cereal, colas and candy bars.

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Adding to increased pricing pressure is the USDA’s proposed purchase of as much as $170 million worth of pork, lamb, chicken and fish for national food nutrition programs, such as food banks.  This move is designed to help livestock owners who are currently struggling to feed cattle or who may consider selling off their cattle early before food prices reach maximum levels.  This early purchase might result in less inventory – the unintended consequence of which will be higher prices.


Families with tight budgets will also be feeling the squeeze in the coming months when filling their tanks. With the price of gas already high during the summer months, the higher cost of ethanol, which is made from corn and blended with gasoline, is expected to raise gas prices 6 cents a gallon.
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Even without dramatic rises in food prices, though, the few more cents paid on every item can easily start to add up to thousands more in family expenses over the course of a year. “Consumers are very sensitive to the price of gas and food,” Jeet Dutta, a senior economist at Moody’s Analytics noted.
“It is one extra kick in the stomach,” added Chris G. Christopher, an economist for IHS.


Sources: 

Food Prices are about to Explode

Examiner: Expect Higher Prices at the Grocery Store and at the Pump due to Drought 




Jul 30, 2012
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Jul 30, 2012
Turf painting spreads as drought ravages lawns - Yahoo! Weather · Turf painting spreads as drought ravages lawns - Yahoo! Weather: 'via Blog this' Survive Anything - Disasters - Economy Collapse - Mobs, Etc. PROTECT ...
Jul 30, 2012
Turf painting spreads as drought ravages lawns - Yahoo! Weather · Turf painting spreads as drought ravages lawns - Yahoo! Weather: 'via Blog this' Survive Anything - Disasters - Economy Collapse - Mobs, Etc. PROTECT ...
Jul 30, 2012
Turf painting spreads as drought ravages lawns - Yahoo! Weather · Turf painting spreads as drought ravages lawns - Yahoo! Weather: 'via Blog this' Survive Anything - Disasters - Economy Collapse - Mobs, Etc. PROTECT ...


Jul 21, 2012
http://www.businessinsider.com/2012-food-shortage-2011-7. Tonight millions of American families will shovel huge piles of food into their mouths without even realizing that starvation is rapidly spreading in Africa. Right .

Jul 24, 2011
Right now these are just the "birth pains", but if things get much worse we could be looking at a horrific food shortage that will rock the globe. The following are 14 facts that make you wonder if the coming global food shortage ...

Aug 01, 2011
Survival Gardening: Find out why I think growing your own garden is probably the best way to outlive a food shortage. Plus, I point out a major mistake most home gardeners make that could mean the difference between life ...

Jul 03, 2010
Wall Street 'Caught Off Guard' by Severity of Food Shortages ... http://www.activistpost.com/2010/07/food-shortages-reported-wall-street.html. Several recent ... on crops, Associated Press; Severe food shortage follows lack of ...

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NASA knows some things. 2012 Survival Guide








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How to survive the Coming Food Crisis Click Here 

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2012 - The Untold Story Click Here
 


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