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Surplus of #grain is overflowing in #silos https://t.co/APkWy7rv1w— EuropeanGrain (@EuropeanGrain) June 4, 2016
Surplus of #grain is overflowing in #silos https://t.co/APkWy7rv1w
Desperately need to stoke global demand.
Egyptians could use some of that wheat.
bob maybe would could get some moron bankers advised by moron economists to lend them some "money!" to buy it from the US farmers....
There may be a link, as well, to the demise of the Canadian Wheat Board, the democratic, farmer-run body which formerly had a government-enforced monopsony of Western Canadian wheat. For ideological reasons -- and under pressure from Cargil and such(and its political allies on both sides of the US-Canada border) -- the Conservative Party of Canada removed farmers' voting rights and then transferred the something-over-$1 billion-valued board to the Global Grain Group, a subsidiary of Bunge Limited, and SALIC Canada—a subsidiary of the Saudi Agricultural and Livestock Investment Company, for a PROMISE to invest $250 million over 7 years (effectively it was just given away). The Wheat Board's former grain storage capacity was in significant part eliminated by/after the transfer to the Bunge and the Saudis, and the large grain companies' market power vastly increased across North-America. The glut may also reflect the massive European and US subsidies for grain producers; there were no comparable subsidies in Canada prior to the end of the wheat board.
Good for society to have larger stockpiles, the politics aren't as good as the weather or the savvy farmers hitting record yields. Corruption all over, not just Canada that is the biggest threat to stability and productivity as political regimes change there is always the risk of new conflict that could throw a wrench in peace and stability we've grown accustomed to.
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