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Thanks Neal.

Again, my question was about the WW picture. If indeed, we have a bad harvest next year (and the signs from your  neighborhood are not looking good at all), then the first sign should be grain prices going North again...

Over here, from my cursory reading, farmers seemed to be cutting on wheat growing, but mostly because of costs (fertilizers, fuel...) vs. lowered sale price; one estimate of the break-even point being at 145€ per ton, including CAP aid.

But this is Western Europe: the Middle-Eastern countries you mentioned are large grain importers and any imbalance in the global supply would definitely show there first.

by Bernard (bernard) on Sun Nov 30th, 2008 at 01:42:28 PM EST
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