One of the biggest staple crops in the world is wheat. We kinda take it for granted, but that gravy train is about to come to an end.
Here are Five Fast Facts about the coming wheat shortage:
- 💣Boo War! Russia and Ukraine are two of the top five wheat exporters in the world, providing roughly a quarter of global wheat production. On top of that, Russia is also the largest fertilizer exporter in the world. So, their whole war thing is mucking up literally everyone’s food supply. GIVE PEACE A CHANCE (so we can eat)!
- 🚜🍞On The Home Front - The US is another top 5 producer of wheat, but the USDA is predicting 8% lower US wheat production from last year due to excessive heat and dry conditions. #sadtrombone
- ☀️🥵Put Me In Coach…Uh, Never Mind. India initially announced they would help fill the global wheat gap with extra exports…until their own massive heat wave said otherwise. They’ve since softened that stance a bit, but it’s still mostly a swing and a miss of the cricket bat.
- 📈What’s about Wheat Prices? Put it all together, and US wheat prices have doubled in the last 12 months, meaning everything with wheat in it will continue getting more expensive. Good thing there’s no inflation, otherwise it would be much worse…oh wait…
- 🎭So What Happens To Our Paychecks? - As is usually the case with economics, whoever has the thing that’s needed will be sittin’ pretty and everyone else will take a beating. I hope you’re a farmer with a full silo!
🔥Bottom line: The bottom line is that wheat farmers with good yields should see some fantastic Paychecks. The rest of us, unfortunately, will have to further tighten our belts and pay more for basic food items like bread and cereal. Hey, you could always go gluten free, right?
Know any farmers with thoughts to share on this?
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