“The U.S. is becoming the global wheat supplier,” according to Societe Generale, and what a perfect time to do it.
Prices for wheat have surged today in the U.S. as the result of increasing global demand that can’t be met by other sources. That’s because the Russian export ban, after this summer’s fires, is still in place, and supply in Europe is drying up, according to SocGen.
Just how big of a pickup is there in demand for U.S. wheat right now? The spike is prominent.
This price spike can’t really be blamed on inflation, either, as it’s all about a dramatic rise in demand brought on by weather conditions.
Photo: Societe Generale