Edible Oil Prices Hit Record High as Food Inflation Worries Persist

(ZeroHedge) Edible oil prices continue to surge to record highs amid adverse weather conditions for the world’s oilseed growers, adding to food-inflation worries that will persist through 2022. 

Rapeseed and canola prices hit another record high on Friday after last year’s harvests in North America and Europe were hit with severe drought and reduced plantings, slashing global rapeseed stockpiles to a four-year low. 

New concerns are developing in South America as a La Nina weather pattern has produced hot and dry weather in top growing regions and massive floods hitting palm oil farms in Malaysia. 

Then there’s the rally in crude prices and the push towards a greener future, leading to increased demand for vegetable oils to produce biofuels. 

Arthur Portier, an analyst at Paris-based farm adviser Agritel, told Bloomberg, “the situation is really tight, and the buyers are still there.” 

Paris rapeseed futures surged nearly 6% Friday to a new record high and was the largest intraday gain since 2009. North American canola rose as much as 1.5%. 

Edible oils are a vital ingredient for many consumer packaged goods.

[Read more…]


Homeless Man Shoves Woman to Her Death in NYC Subway Station

(Associated Press) A woman was pushed to her death in front of a subway train at the Times Square station Saturday, police...

COVID Deaths and Cases Are Rising Again at US Nursing Homes

(Associated Press) COVID-19 infections are soaring again at U.S. nursing homes because of the omicron wave, and deaths are climbing too, leading...

Rioter Sentenced for Burning Down Minneapolis Pawn Shop, Killing Man Inside

(The Post Millennial) Black Lives Matter rioter Montez Terriel Lee Jr., of Rochester, New York, was sentenced Friday to 120 months in...

Rising Costs Add to Pandemic Pain for Small Businesses

(Associated Press) In just two weeks, the cost of pecans for the pies at Peggy Jean's Pies in Columbia, Missouri, has surged...

Thieves Raiding Rail Cargo Containers in Los Angeles

(Associated Press) Thieves have been raiding cargo containers aboard trains nearing downtown Los Angeles for months, taking packages belonging to people across...