Posted on 02/07/2022 1:10:09 PM PST by blam
It’s probably not the endorsement Biden’s flailing administration wanted.
In a time when social networks have been swamped with photos of empty shelves from across the nation, Goldman’s head commodity strategist and one of the closest-followed analysts on Wall Street, said he’s never seen commodity markets pricing in the shortages they are right now.
“I’ve been doing this 30 years and I’ve never seen markets like this,” Currie told Bloomberg TV in an interview on Monday. “This is a molecule crisis. We’re out of everything, I don’t care if it’s oil, gas, coal, copper, aluminum, you name it we’re out of it.”
In a reversal of the event from April 2020, when WTI oil briefly hit a negative $40 per barrell as speculators paid others to take deliverable oil contracts off their hands as they had no storage for it, futures curves in several key markets are trading in super-backwardation – a structure that indicates traders are paying bumper premiums for immediate supply. The downward sloping shape in prices is generally taken to mean commodities are severely undersupplied.
The shortage of, well, everything has translated into record price of virtually all commodities: the Bloomberg Commodity Spot Index, which tracks 23 energy, metals and crop futures, has touched a record this year. That has been driven in part by surging oil prices, which have hit their highest level since 2014 and earlier today Brent rose as high as $94, assuring even more pain at the pump.
Separately, assuring even more pain for logistics, Bloomberg notes that diesel futures are in their strongest backwardation since 2008, excluding expiry days.
Additionally, all six of the main industrial metals traded on the London Metal Exchange moved into backwardation late last year, in a rare synchronized bout of tightness last seen in 2007.
Separately, Currie said that the world needs a global tax on carbon to reduce emissions, as ESG measures are a “blunt tool” that push up fuel prices too quickly, noting that for climate change, “local solutions don’t solve the global problem.
I give my dog a baked chicken leg quarter every day. I bought 10 pounds of chicken leg quarters a Walmart for $6.63 last week. Afterwards, I saw an ad in the local paper where Rouses Grocers had the same on sale for $3.39. I am out of freezer space or I would have bought more.
In the 70's we had the Energy Crisis.
Now, we appear to be heading into the Matter Crisis.
How do you cook them? I boil the chicken in a 10 gal pot. Then throw in about 2-3 gallons of white rice. Boil some more then simmer for 30-45 mins then let it sit until the water is absorbed. I don’t want the rice to cause bloat in the dogs. It’s comparable in price to Ole Roy canned dog food, the dogs love it and no more Itchy-Scratchy. The natural chicken fat and oils are great for their skin and coats.
Plenty of political tripe around.
I bake 20 pounds at a time, two hours at 350 degrees. I debone just before I give it to the dog.
I put the deboned chicken on a plate and recombine with a small amount of the now solidified grease and microwave briefly.
When I first started doing this more than 20 years ago, the 10 pound bag of chicken was $1.90 a bag.
I keep saying that also. If i wanted a long siege.. covid was the perfect place to start.
Same here. One package of 6 drumsticks.
Yes, we have no bananas.
And now all cheese shops are like this one.
There will be plenty for the rest of us.
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Those millions include producers,processors, and distributors (like truck drivers).
Commodities do not magically appear in useful form at the best pace for processing and do not process nor distribute themselves.
WHOLE powdered milk
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Use some hot water to thoroughly mix the powder into a cream before adding cold water. Shake well and aerate before drinking.
Once upon a time, all powdered milk was whole milk, so I remember.
Plenty of spot (but often recurrent) empty shelves here in the mid-South USA. Wally World is often out of the Sam’s Cola my wife drinks. (Yeah, I know.) Stocking on their “Great Value” snack chips of any kind has been very poor. The Doritos brand stuff is well stocked, but too expensive even in the limited qty’s we consume. Very often 2 or 4 types of their canned veggies are out. Meats have been quite a bit better, recently, but so expensive I never buy ‘em there. Our small local IGA has still decent sales sometimes, but back to the iffy stocking, esp. late afternoons or evenings. The deli @ this IGA has been a disaster recently too, but that’s because the whole dept. was out with COVID, I was told.
Non-food building construction supplies are brutal, cost-wise, stock variable. Just one example (confirmed a couple minutes ago on Lowe’s website):
250’ Romex 12/2 with ground is $152.64 @ our local Lowes, and, worse, Romex 12/3 / G is an incredible 260.76. Bizarrely, 250’ Romex 12/2/2 / G is $201. A steal. /s
If employers seem to think they can arbitrary set labor wages why can’t they arbitrarily set the price of commodities?
We having rolling shortages, similar to CA rolling power grid brown/black outs.
What do you call a Cambodian with 2 dogs?
In the democrat socialist state of America food is like dark humor, not everyone gets it.
Plus this crazy guys rant on no hash brown patties to be found! : )
https://freerepublic.com/focus/chat/4036203/posts?page=117#117
Even McDonald’s is having trouble getting hash browns to Taiwan and Japan. I say it is a ‘Big Tator Tot’ conspiracy!
My cousin emailed me back and said to try other stores like Aldi’s, Vons, Super King.
Then she said she liked Tator Tots and never buys hash brown patties....
I tell you she is part of the Big Tator Tot conspiracy!!
Loser?
No.
Driven and directed to destroy this nation.
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