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Worldwide Wheat Shortage?


CofCC.org News Team

At one time, the United States government had an emergency supply of grains that was designed to last the entire country three years. Today, most of the grain supply has been given away to 3rd World countries leaving the United States susceptible to a food shortage.

From Bloomberg…

Global wheat production for the marketing year through May will probably reach 603 million tons as consumption rises to 619 million tons, according to the USDA. Demand in India, the most- populous nation after China, is up 16 percent since 2001.

The U.S. is the exporter of last resort as Russia, the third-biggest exporter, and Argentina, the fourth-largest, keep more for themselves. So far this marketing year, U.S. shipments have doubled to Egypt, Iraq and Indonesia, and tripled to the European Union, USDA data show. Pakistan, which imported nothing from the U.S. last year, purchased 150,000 tons.

“There is not enough high-protein wheat to go around, and the last thing a wealthy nation or a centrally planned economy wants to do is run out of wheat,” said William Tierney, executive vice president for John Stewart & Associates, a commodity consultant in Washington.