Another “new crop” is hitting the market now & it’s doing nothing to curb increasing food prices.
Yields are down due for at least a second straight year due to a multitude of factors (oddly enough, in Pacific NW, much due to a cold & wet Spring that delayed crops getting off to a good start after the opposite—heat & drought—limited yields in 2021)
This year’s crop doesn’t appear to be a “pipeline re-filler” crop. Crop inventories will remain low, causing demand for acres to increase.
It is believed that contracts with big French fry companies for processing potatoes for NEXT year are going to settle 18-20% higher (that’s on top of a 20% increase this past year).
Wheat market I follow bottomed out a few weeks ago around $7.15/bu and is already back to $8.50/bu (on soft white wheat). I believe they’ll still climb as harvest gets farther in the rear view mirror.
Mind you all of this is simply for the commodity itself—this is not including increased fuel prices to transport food, increased labor to process food, or increased markups at grocery stores.
Long story short—keep stocking up on food in any way that you can. It is only going to get more expensive.