As of the 24th of August 2007, the report came in; "wheat prices, are going through the roof". This report came, not long after the first casualty of the sub-prime crises, in Bear Sterns.
The main cause of the wheat price rise are attributed to severe weather conditions, notably drought in Australia.
With Australia the 3rd largest producer of wheat and the main supplier to South America, and Asian country's; the food price inflation problem, looks set for deadlock.
India has also halted the export of rice as demand and supply forces have impacted on the country, as a result the price of rice on the international market has risen dramatically, affecting the international community, as India and China are the top 2 producers of rice in the world and consume vast quantity's of the stuff domestically; while leaving little left to be traded globally.
I spoke to my mate at the local Chinese take away the other day, and although he was in a sombre mood, he stated that he would suffer the blow from the hike in food prices, while keeping his take away prices the same for now, although the conversation did mention Genetically modified food as a possible alternative.
Japan. is at the mercy of the main exporters of rice and wheat, with China considerably the main trade player in the region.
G8 summit to discuss global food price rises
Our Friend Elver
An Elver is an eel, fishing for eels is best done at night with either a gaff or a strong line with a small and square bloody piece of red meat.
Elvers were once eaten by fishermen as a cheap dish, but environmental changes have led to increased rarity of the fish. They are now considered a delicacy and are priced at up to £700 per kg.
Collectors Focus