It is probably a good time to stock up on canned goods and staples

Food prices are forecast to go higher and be in short supply. Couple that with the forecast rise in fuel prices which impact food distribution costs and rising taxes in many areas, having a good stock of staples could make the difference when struggling to make ends meet.


"Evidence of tightening global food supplies grew as the U.S. Agriculture Department cut its estimates for global harvests of key crops and raised some demand forecasts, adding to worries about rising food prices.
Prices of corn and soybeans leapt 4% Wednesday and wheat gained 1%, continuing the broad rally in commodity prices that began in June. With yesterday's gains, prices of corn futures contracts are now up 94% from their June lows; soybeans are up 51% and wheat is up 80%.

The USDA's revisions reflect the impact of dry weather in South America and floods in Australia, which have compounded supply constraints that first started to emerge in the middle of last year, when a drought in Russia ravaged that country's wheat fields. The agency also cut estimates for U.S. harvests of corn and soybeans.

 

At the same time, demand is increasing. The USDA said ethanol producers likely will increase their use of corn, and consumption by emerging market countries continues to be strong.
Prices of many agricultural commodities are still below the levels that sparked food riots in poor countries around the world in 2008. But economists see few signs that prices for grain, livestock and cotton will cool significantly anytime soon, signaling potential headaches for consumers and food companies.

"The markets are very, very tight," said Joseph Glauber, the USDA's chief economist. "There is concern, no doubt."

http://online.wsj.com/article/SB10001424052748704803604576077751817700340.html?mod=WSJ_hp_LEFTTopStories


Remember how your grandparents preserved and stocked up on staples when times were good.

To be forewarned is to be forearmed, stock up now eat well later !