"Governments are scrambling to lock up world supplies of grain while they can:
- Saudi Arabia’s cereal imports may reach a record this year
- China is looking abroad for potentially massive quantities of wheat and corn
- Wheat purchases by Algeria, North Africa’s largest importer after Egypt, climbed to 1.75 million tons in January
- Morocco, Iraq, Turkey and Lebanon issued tenders to buy wheat and/or rice
- The Mexican government is buying corn futures to avoid unmanageable tortilla price rises
- Indonesia has ordered 800,000 tonnes of rice, greatly exceeding their normal pace of purchases
- Bangladesh is trying to secure record grain supplies and tripled its rice import target
- Saudi Arabia plans to double its wheat inventories, the country is going to stockpile a 12 month reserve
"This is only the start of the panic buying." Ker Chung Yang, commodities analyst at Singapore-based Phillip Futures"....a must read to understand what is coming..........read more here
additionally, see the stories on "Land Grab" in the "labels" widget......
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