The NOAA rainfall map shows the growing drought (red) that impacted Plains wheat since the end of December. Much of the Ohio Valley suffered flooding and tornadoes.
From the economist’s point of view, food prices are on the rise due to inflation concerns based on interest rates, jobs and wages. Those are the US-centric fundamentals. We keep our eyes on the whole enchilada… Global drought is a macro systemic condition. It pierces the very core of the world’s food supply. On January 27th, our CLIMATECH analytic program predicted droughts in both the Plains wheat area and in Argentina. Recipients of our newsletter read our warning of the potential price explosion. Our forecast, based on global teleconnections (La Niña and other global ocean temperature indices) portend further problems (red) for the month of March.
The world’s largest exporter of soybean meal is Argentina. The drought will have a multi-billion dollar effect on that nation’s economy.
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A LOOK AT GLOBAL RAINFALL TRENDS FOR MARCH, PREDICTED IN JANUARY. RED AREAS INDICATE DRYNESS.