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26.08.26 - 22:42
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Wheat Futs Surge To Three-Year High As JPMorgan, HSBC Warn Global Food Shock Is Brewing (ZeroHedge)
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Wheat Futs Surge To Three-Year High As JPMorgan, HSBC Warn Global Food Shock Is Brewing
Wheat futures surged to a three-year high on Wednesday morning as traders repriced a nasty convergence of supply risks across the global agricultural supply chain. Ongoing drone and missile attacks on critical Black Sea shipping and port infrastructure are constraining Russian and Ukrainian exports, while severe Northern Hemisphere heat waves and disruptions in the Strait of Hormuz are amplifying concerns that another food-inflation cycle could rear its ugly head next year.
Bloomberg reported that the most-active Chicago wheat contract jumped as much as 2.4% to $7.2025 a bushel, its highest level since July 2023. Futures have gained about 12% so far this month.
Russia and Ukraine, two of the world's most important breadbaskets, account for more than a quarter of global wheat exports and are also major suppliers of corn, barley, and sunflower oil. The Black Sea conflict has escalated since early July, with ...
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26.08.26 - 15:01
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US Core PCE Rises 0.2% in July, Consumer Spending Stalls (Bloomberg)
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The Federal Reserve's preferred inflation metric, the so-called core PCE price index, which excludes food and energy items, rose 0.2% in July and advanced 3.3% from a year ago. Inflation-adjusted consumer spending was flat last month. Michael McKee reports on Bloomberg Television. (Source: Bloomberg)...
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26.08.26 - 13:06
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ROUNDUP/Klingbeil: Keine Zuckersteuer auf Zero-Getränke (DPA-AFX)
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BERLIN (dpa-AFX) - Eine Ausweitung der geplanten Zuckersteuer auf zuckerfreie Light- und Zero-Getränke mit anderen Süßungsmitteln kommt nach Angaben von Finanzminister Lars Klingbeil nicht in Betracht. "Das mache ich nicht. Das wird nicht kommen", erklärte ......
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26.08.26 - 11:36
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When Paris Went Hungry Under Government Food Controls (ZeroHedge)
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When Paris Went Hungry Under Government Food Controls
Authored by Daniel J. Smith via The Daily Economy,
How does Paris get fed? Frédéric Bastiat famously explained in Economic Sophisms (1845) how market exchange reliably provisioned the (then) million people of Paris with agricultural produce from the countryside that they were able to enjoy "peaceful slumbers...not disturbed for a single instant...."
In stark contrast, Bastiat predicted that there would be "much suffering within the walls of Paris - poverty, despair, perhaps starvation..." if a presumptuous minister decided to replace the market with their own decision-making for what "should be produced, transported, exchanged and consumed...."
We can appreciate Bastiat's observation about the miraculous functioning of the market even more when we look at a time when Paris actually went hungry.
France's Experiment in Forced Provisioning
Leading up to the French Revolution in 1789, France found itself in a p...
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