The U.S. Department of Agriculture has forecast a fall in global inventories of wheat to their lowest level in 26 years.
Canada may produce its smallest wheat crop in five years because of reduced plantings and drought damage, a government survey showed. Canada is the second-biggest exporter of wheat behind the United States.
Production in the EU could fall 38 percent by May 31 from a year earlier, the USDA said, because drought followed by excessive rain harmed crops in France, Germany and Britain.
Add to this booming demand for western foodstuffs from people in places like India and China, plus increasing competition from biofuels for land and you have soaring wheat prices. In the past year the price of a loaf of bread in UK shops has risen 15 per cent. Soon it’ll go up again.
More bread for your dough here (or should that read ‘less’ 🙂 ).