by Michael Snyder, The Economic Collapse Blog:
Will we soon see a major prophecy in the Book of Revelation be fulfilled? Global food prices have been skyrocketing and hunger has been spreading like wildfire all over the world. We desperately need 2024 to be a year of good harvests, but unfortunately weather patterns are not cooperating at all and bad news about harvest forecasts just continues to pour in from many of the planet’s most important agricultural regions. Global food supplies just keep getting tighter and tighter, and the agricultural price spikes that we are witnessing right now are definitely quite ominous. Could it be possible that the stage is now being set for the global food crisis prophecy of Revelation 6:6? In that verse, we are warned of a time when food prices will soar to absolutely frightening levels… (Read More…)
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Then I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a day’s wages, and three quarts of barley for a day’s wages, and do not harm the oil and the wine.”
We certainly haven’t reached that point yet.
But are we on the way there?
In this article, I would like to share what has been going on with a number of our most important agricultural commodities recently.
For example, poor harvests in Brazil have caused the price of orange juice to approximately double over the past 12 months…
Prices of the breakfast staple have been climbing rapidly in recent years, partly driven by declining output in Florida — the main producer of orange juice in the U.S. — and climate-fueled extreme weather in the main orange producing areas of Brazil.
The South American agricultural powerhouse is the world’s largest producer and exporter of orange juice, which means it plays a hugely influential role in shaping the global industry.
The benchmark frozen concentrated orange juice futures, traded on the Intercontinental Exchange in New York, closed at $4.77 per pound on Wednesday. That’s nearly double the price registered a year ago.
Prices have gone so “bananas” that some orange juice producers are actually “considering turning to alternative fruits”…
Orange juice makers are considering turning to alternative fruits such as mandarins as wholesale prices have “gone bananas” amid fears of poor harvests in Brazil.
Prices of orange juice concentrate reached a new high of $4.95 (£3.88) a lb on futures markets this week after growers in the main orange producing areas of Brazil said they were expecting the harvest to be 24% down on last year at 232m 40.8kg boxes – worse than the 15% fall previously predicted.
The price of coffee is also going haywire.
So if you love coffee, I would stock up now while you still can.
Thanks to extremely dry conditions in Brazil and Vietnam, coffee prices were up “sharply” this week…
Coffee prices Tuesday rallied sharply, with arabica jumping to a 1-month high. Coffee prices soared Tuesday on concern that excessive dryness in Brazil and Vietnam will damage coffee crops and curb global production. Somar Meteorologia reported Monday that Brazil’s Minas Gerais region received 5.3 mm of rain or 69% of the historical average in the past week. Minas Gerais accounts for about 30% of Brazil’s arabica crop.
Last Wednesday, coffee trader Volcafe said Vietnam’s 2024/25 robusta coffee crop may only be 24 million bags, the lowest in 13 years, as poor rainfall in Vietnam has caused “irreversible damage” to coffee blossoms. Volcafe also projects a global robusta deficit of 4.6 million bags in 2024/25, a smaller deficit than the 9-million-bag deficit seen in 2023/24 but the fourth consecutive year of robusta bean deficits.
Wheat is specifically mentioned in Revelation 6:6, and Bloomberg is reporting that a confluence of factors has pushed the price of wheat to the highest level in 10 months…
Wheat briefly touched the highest in 10 months, as cold and dry weather in major producers and the ongoing war in Ukraine deepen supply concerns.
Futures climbed as much as 3.3% in Chicago, before paring some of the gain. Analysts have been cutting production estimates for top exporter Russia in recent weeks, while Ukraine is headed for its driest May on record. Historically low rainfall in Western Australia is also adding to nervousness.
Unfortunately, this is just the beginning.
I am entirely convinced that the price of wheat will soon go far higher than it is right now.
So if you think that the price of bread is high now, just wait until you see what is coming next.
Meanwhile, the price of beef just surged to another brand new all-time record high…
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