'Biblical' Plague of Locusts Hit Australia

Australia has been hit by possibly the worst locust plague in a 75 years. According to this news report from the UK, farmers are warning of a grasshopper plague of 'Biblical proportions'. Up to 2.5 million hectares of infested land are now being treated by various agencies in New South Wales, as reported by ABC Australia.

Given that Russia now has stopped exports, and Canada is going to lose 17% of its wheat crop due to floods, it looks like the outlook for food for the next year will be increasingly challenging. With a 75-day inventory of rice at present, it looks to me that we are quite near to edge, 1 crop failure away from famine some place in the world.

Look for higher prices in food. Prepare for it accordingly.