there war in Ukraine It’s just an excuse, the real food emergency isn’t the lack of produce, it’s the financial speculation that raise prices. Beppe Grillo plunges into the debate about the conflict that was sparked by Wladimir Putin and he does so with a post on his personal blog entitled “Stock Listing Hunger,” in which he addresses the topic of “stock market listing.” “Battle of the Grain” triggered by the blocking of exports from Ukraine, one of the main producers in the world.
“There is no “bread shortage”there is real speculation on foods that should be banned by law – begins the founder 5 Star Movement – The war in Ukraine is often cited in the media to explain the food crisis and the general rise in grain prices. But it is finance that uses food as a weapon, deliberately destroying the food system, as financial speculation plays a major role.
According to Grillo, the absence of the thesis that the crisis was triggered by the conflict is due to the fact that “the wheat was sold harvested last year, Not this year. Production and delivery from Ukraine e Russia they don’t stop overnight, inventories don’t run out overnight, but prices in the futures markets immediately shot up. Wheat is not only a staple food, but also a commodity or product that it represents subject of international exchange“. He explains: “When we hear about rising wheat prices, we talk about the future Chicago Stock Exchange. Agricultural commodity futures were born in 1865 on the Chicago Commodity Exchange with an insurance function and stabilized the price of the asset, but today their original function has been completely lost. They are just a financial tool to bet on future profits. They are financial products that are traded as if they were stocks, which in turn are bought and sold on the secondary market.
He concludes: “Farming is going to be like this speculative financing. The food sector is closely linked to the financial sector and prices today are mainly driven by speculation. This means that today’s prices depend on tomorrow’s trading. Tomorrow’s harvests and even future seasons are being traded in world markets today. Since everyone expects the world market situation to deteriorate, prices are currently high. That’s why food prices rose during the coronavirus crisis, when food was far from scarce,” notes Grillo.
And the price increases of the last few years would also show this: “According to a recent Oxfam report, food prices rose by 30% between March 2021 and March 2022, with wealth increasing. The family that owns the US grain giant cargill $20 million came into the family coffers every day. The silos are full of last year’s grain, the price is supposed to go up and it’s selling. The rise in world food prices was triggered by investors buying stocks of agricultural products, holding them for a few weeks or months, not supplying the market and selling them when they saw a greater chance of profit as prices rose. What is this if not a vulgar indignation behind the backs of the people?”.