Food Apocalypse Begins! China Hoards Half of World’s Grain Supply, Edible Oil Prices Hit Record High

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. -