Russia announced they’re stopping all wheat exports for the rest of the year. And China has been stockpiling food. By mid-2022, China will hold 69% of the world’s corn reserves, 60% of rice reserves, and 51% of its wheat, according to the USDA.
American farmers are working hard to fill the gap — but fertilizer prices are skyrocketing. They could go up 80% this year, according to a Texas A&M economist.
And then there’s Biden’s gas price increase. With gas prices doubling, the cost of getting food to your grocery store keeps going up, too.
It’s a triple-whammy for food prices: Less food in the international markets, higher fertilizer costs and higher transportation costs.
Analysts say there’s no way around it: Food prices are going up.
Fortunately, there’s a way to lock in food at today’s prices – plus provide a safety net if things get worse.
And things could get worse. For the first time in a long time, nuclear war is a possibility. Then, there are the everyday things that can disrupt supply chains: Cyberattacks. Power grid failure. Calamitous weather.
For us, it’s time to wonder:
Can we go a week without going to the grocery store?
What if it were a month?
Or 3 months? Or 6 months?
Looking at the crazy state of the world, you’ve probably put some money away (and hopefully, some gold and silver).
But have you put some long-lasting food away for when things get worse?