Get Ready for Mass Starvation

Hoosier Ag Today has a nicely written commentary today by Gary Truitt. He talks about the price of wheat moving up which is causing the media to write stories about coming food shortages:

The American media loves a crisis, especially one that engenders fear and strong emotions. What could be better than a shortage of the basic staple of the grocery store - bread. So when your ashen-faced local TV reporter stands before an empty bread case at the Kroger store, caused by panic buying and hoarding, here are a two things to remember:

1. There is very little wheat in your loaf of bread. In fact, there is very little wheat in your Wheaties. So any price hike in wheat should have very little impact on the price.

2. Wheat is a renewable resource. In just a matter of weeks, US farmers will go to the fields to plant a new crop of wheat; and, at $8, you had better believe they will plant a whole heck of a lot of it. Even with an average yield, US what producers will do much to reduce the world shortfall in the next 9 months.