Do you like muffins, cookies, and bread? Well, you better get it while it's - uh - hot, because industry experts say the abnormally hot weather could hurt wheat crops in many countries, raising the price of flour.
The heat wave has slowed production in the European Union (EU), Russia, and Kazakhstan, so Rabobank Group, an international financial services provider, has lowered its EU soft wheat production forecast for June and July by 3.6 million tones to 129.5 million tones.
Analysts call an increase in the price of flour unavoidable. Wheat prices have already reached their highest level in over 12 months in the United States.
And the hot temps will result in significant production downgrades in Russia and Kazakhstan, with the United States Department of Agriculture cutting production estimates by by 4.5 million and 3 million tonnes to 53 million and 14 million tones in each country, respectively.
Why is it so hot? It could be global warming. I say it is. Messing with Mother Nature can have serious repercussions, according to the National Wildlife Federation, we will have a lot of wacky winter weather coming our way.
No biggie, maybe you like building snowmen that are 50 feet tall, but when rising temperatures start to negatively impact our food supply, guess what folks? You've got to consider the potential problems coming down the pike, be it food shortages or higher prices.
Image credit: sweetbeetandgreenbean