Today’s FT has a front page story, “Record price for wheat as bad weather prompts inflation fears”. Chicago wheat prices for December delivery reached an all-time high yesterday of $7.54 a bushel, an increase of 110% in the past year. Food prices worldwide will continue to rise as farmers and processors pass on the higher feed prices to wholesalers and consumers.
Saturn (limitations) enters Virgo (grains, basic food supplies) on September 2, 2007 until 2010. This will raise wheat and other grain commodities to record price levels. The International Grains Council cites global wheat inventories are at their lowest level since 1979 – the last time Saturn was in Virgo.