As the floods recede, we will have to wait several more weeks to see "if Britain still has any wheat or barley worth harvesting", says Colin Tudge in The Guardian. But it's a sure bet that the cost of a loaf of bread is set to rise; a similar deluge in France, Europe's largest wheat producer, last week sent milling wheat to a record e213 a tonne on the Euronext Liffe platform.
Drought in eastern Europe has reduced crops by up to 40% and the European Union expects the total cereal crop for 2007 to be 1.6% below the last five years' average. Global inventories are already at a 25-year low.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
For more on what the recent flooding means for investors, read: Can you profit from the floods?
-
Premium Bonds winners announced – did you scoop the September jackpot?NS&I has announced the winners for September’s Premium Bonds prize draw, with two lucky savers becoming overnight millionaires. Did you win this month?
-
What is the 25x retirement rule and does it work?The 25x retirement rule has been around for decades but many experts question if it is a suitable strategy
