In what could be a sign of things to come in terms of prices at the grocery store (or worse), some of the world’s largest grain exporters around the world were ordered to stop exporting their product yesterday. This lead to spikes in poorer countries around the world, where people are already struggling with the lack of food being provided to them. In Mexico, there are fights breaking out over corn tortillas..or rather, the lack of.
Rice and corn prices soared to records on U.S. markets and wheat jumped to its highest in a week after Kazakhstan, the world’s fifth-largest wheat exporter, and Indonesia, a major rice producer, became the latest nations to impose export bans. The price increases further inflated global food costs that already had surged 48 per cent since the end of 2006.
Combine the drastic drop of the U.S. dollar around the world, a collapsing economy, and now grain shortages and halts in exports, and we could be headed into some very dark times indeed.