This is an important chart!
Global food prices are surging to all-time highs, well past levels that caused significant socioeconomic unrest in the past.
The likelihood that we see continued escalation (riots, and even revolutions) in the most impacted countries is rising daily. pic.twitter.com/c1UKDFUk2S
— Markets & Mayhem (@Mayhem4Markets) June 6, 2022
The only silver lining is that actual and projected crop yields continue to rise… at least for now. pic.twitter.com/d9JHfeRHhq
— Markets & Mayhem (@Mayhem4Markets) June 6, 2022
Food Security is a national security issue
I first drove the semi on my family’s farm when I was around 12 years old. My dad and I were leaving the field with a full load of corn, when he told me to take the wheel, giving his only advice before climbing down: “Make your corners wide.”
From my family’s farm to the State Committee for the USDA Farm Service Agency to the House Agriculture Committee, I have worked in agriculture in some capacity since I could walk. Now as South Dakota’s governor, I serve alongside a third-generation cattle rancher, Lt. Governor Larry Rhoden. We are the only farmer-rancher pair to lead a state’s executive branch, and we are both deeply concerned: America’s food supply system is at risk.
To keep our food supply consistent and affordable for all families, it is essential that no one else controls it. When another nation controls your food, it controls you. Our leaders recognized this threat and put in place risk management tools and programs to ensure Americans would never go hungry because of a foreign entity’s influence.
Here's today's 'fear' chart! If US #gasoline prices continue to rise, expect US consumers to become very, very pessimistic. pic.twitter.com/1Y4gRdNM35
— jeroen blokland (@jsblokland) June 6, 2022
"with inflation expected to remain elevated and the Fed likely to have to raise the policy rate into restrictive territory to tame it… we continue to expect a meaningful drop off in real GDP growth next year (+0.7), eventually culminating in a recession"
Deutsche Bank
— Jonathan Ferro (@FerroTV) June 6, 2022
The last time inflation was here, February 1982 – the Fed Funds Rate was 15%. pic.twitter.com/Ghi1sxpNyE
— Lawrence McDonald (@Convertbond) February 11, 2022
I wonder what retailers will do to get rid of excess inventory.
The traditional way is to start discounting & reduce prices. pic.twitter.com/cN1BlhlE54
— Sven Henrich (@NorthmanTrader) June 6, 2022