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PRZOOM - /newswire/ -
Dallas, TX, United States, 01/25/2008 - According to Commodities Brokers Alford & Sons Investments (ASI), The global economy is facing another wave of food inflation after the US agriculture department on Tuesday warned of significant falls in stocks of corn, wheat and soyabean and heavy.
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An unconfirmed report from within ASI apparently states that US wheat stocks would shrink to their lowest level in 60 years, dropping from 312m bushels to 280m by the end of the 2007-08 crop year.
Speaking of the report, an unnamed source within Alford & Sons elaborated, “The US is the world’s biggest exporter of wheat and importing countries are bidding heavily for its crops as other exporters cut supplies. Furthermore, cold weather damaged crops in Argentina and drought affected Australia’s wheat production. Flooding also damaged European crops.”
Industry Analysts have recently noted that the decline in stocks and rising shortages in large parts of Asia suggested 2008 could deliver another year of price shocks
Corn and soyabean stocks will also be lower than expected as demand from emerging countries rises in spite of record prices.
The ASI report is said to warn that rising prices for corn, wheat and soyabean will force up feedstock costs for farmers, leading to higher meat, poultry and milk prices for consumers.
Food prices are boosting inflationary pressures just as central banks are trying to cut rates to cushion their economies from the effect of the credit squeeze.
Eurozone inflation recently rose to a six-year high propelled by high oil and food prices.
About Alford & Sons Investments
Alford & Sons Investments (alford-sons.com) is the Commodity Futures Broker for Commodity Futures Trading and Futures Options Trading at all levels. Whether you are a speculator or a professional hedger, ASI is your ultimate choice as a commodity broker. Whether you choose commodities trading with your personal commodity broker or deep discount online futures and options trading, ASI gives you bespoke personal service.
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