Rains in June and July have failed to break the drought in NSW. More than three-quarters of the state is now in that status, including parts that are usually consiered guaranteed green, dairying areas such as Lismore and Murwillambah.
And the French grain harvest is the third bad one in a row[story in French], falling below predicted levels due to weather and associated diseases.
As that Le Monde piece notes, for the third year in a row world production will be below consumption. (Preumably stored supplies make up the difference.)
But that can’t go on forever – stocks in Europe are the lowest in 28 years, just two and a half months’ consumption.
Perhaps unsurprisingly, the reference price for wheat in France has gone up 86% in one year.
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