Equities and Alchemy

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Buyer Beware

October. This is one of the peculiarly dangerous months to speculate in stocks. Other dangerous months are July, January, September, April, November, May, March, June, December, August and February.
- Mark Twain

8/7/12

Canadian food prices expected to rise due to U.S. drought - Business - CBC News

The Canadian Press
Posted: Aug 6, 2012 10:03 AM ET
Last Updated: Aug 6, 2012
Canadians food prices are expected to rise next year in the wake of current drought conditions in the United States. (John Lovretta/Associated Press)


Related Stories 10 things to know about the U.S. droughtHigh temperatures threaten U.S. breadbasketTim Hortons raises prices for baked goods

Drought conditions in the U.S. are expected to boost Canadian food prices by as much as four per cent next year.

Economists predict we'll be paying more for everything from pork to cereal.

RBC economist Paul Ferley expects food costs will rise 2.5 to 3.5 per cent this year and three-to-four per cent in 2013.

Extreme drought conditions in several U.S-Midwest states are causing corn and soybean crops to wither, and analysts say the effects will ripple through the food chain.

Because corn is used to feed livestock in the U.S., Scotiabank's Patricia Mohr says the rising cost of beef and pork will be most noticeable on grocery store shelves.

Last week, Tim Hortons raised the price of some baked goods and lunch items, and Maple Leaf Foods CEO Michael McCain warned that it too will be jacking up its prices.






Canadian food prices expected to rise due to U.S. drought - Business - CBC News
LINK:  http://www.cbc.ca/news/business/story/2012/08/06/business-drought-expensive-food.html

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Poverty, Human Rights, protecting the Environment and working toward Sustainability are Mankind's greatest challenges in the 21st Century.

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Vancouver Island, British Columbia, Canada
Jennifer believes we live in the garden of Eden and I believe that we are destroying it. Our saving grace is within ourselves, our faith, and our mindfulness. We need to make a conscious effort to respect and preserve all life.