https://www.zerohedge.com/commodities/us-gas-prices-soar-europe-and-asia-scramble-lng
https://www.zerohedge.com/commodities/spring-wheat-hits-14-year-high-world-weather-woes
U.S. gas prices have surged to the highest level in real terms since the financial crisis in 2008 as strong demand for LNG from buyers in Europe and Asia puts pressure on inventories. Front-month futures for gas delivered to Henry Hub in Louisiana are trading at almost $9 per million British thermal units, up from just over $3 at the same point last year and less than $3 in 2019.
A combination of delayed plantings in Northern U.S. Plains and Canada due to soggy weather, a dry spell in Western Europe, chaos in Ukraine, and severe weather in India, have disrupted global wheat markets, sending prices in Minneapolis to the highest levels since 2008.
Spring wheat is used to make bagels, pizza crust, rolls, and croissants, among other specialty items, which touched a 14-year high on Monday morning at $12.31 a bushel due to delayed planting fears across the northern U.S. Plains and Canada because of abnormally wet conditions.
Bloodbath: Futures, Yuan Tumble as 10Y Yields Soar On Global Stagflation Fears
It’s a bloodbath.
With Bank of America conveniently reminding us over the weekend that markets never bottom on a Friday, and that Mondays tend to be the worst day of the week for markets…
… that’s exactly what is playing out today as risk assets are puking across the globe, with S&P 500 futures crashing, the Chinese yuan tumbling amid a growing slowdown in China, and the US 10-year Treasury yield climbing as high as 3.2% as risk parity funds are getting monkeyhammered… again.
A slide in US stock futures set up Wall Street’s main indexes to extend weeks of declines on concerns of a recession amid monetary tightening and surging inflation. Contracts on the S&P 500 fell 2.1% as of 7:15 a.m. in New York, trading at session lows, as the MSCI gauge of world stocks extended its retreat from a November peak to 16% as a wave of risk aversion continues to sweep through global markets after Friday’s U.S. jobs data left little room for a change of course in the Fed’s rate-increase and quantitative-tightening plans. Sentiment took a further knock over the weekend as Chinese Premier Li Keqiang warned the nation’s employment situation had turned grave because of Covid restrictions.
The 7 Year Famine is increasing!
Please repent, carry your cross daily and accept the free gift of Jesus Christ’s Death on the Cross for payment for your sins.
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