Why are things so expensive – Part 2

The oil conversation continues. This article in @EaterLA about extreme weather wreaking havoc on olive oil costs was in my inbox this evening.

 

And it’s not just olive oil! One of our suppliers sent over the update below about edible oil pricing just last week – some of which is sourced from @VenturaFoods – a pretty reliable source.

 

“I have attached a chart of where the markets are currently vs 6 yrs. ago.

The DJIA futures are up 67 points trading 32,732 as another record looks to be broken as stimulus and vaccine optimism push markets higher;

• Palm markets closed up 32-ringgit at 4020 on Malaysia/Saudi deal helping support futures
• The DJIA index to open stronger on economic recovery optimism despite the recent increase in cases in Europe. The dollar is slightly stronger. Crude futures starting the week lower on demand uncertainty. • South America weather — Brazil continues to see rains delaying harvest. Argentina continues to be dry resulting in reduced production in both corn and soybeans. • America weather — cold temps and moisture this week was welcomed — much more is necessary especially as temps move above normal as once past the 8-14 day forecast.

Soybean oil futures will start slightly higher on stronger palm oil and tight cash markets.

 

 

The hits keep on coming people. Bette Davis once said something sort of like this… Fasten your seatbelts – it’s going to be a bumpy ride! So true. So true.