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The LNG Market Is “Imploding”
The LNG Market Is “Imploding”
While everyone is understandably watching the meltdown in the crude oil market, the global market for natural gas is also cratering.
At least 20 cargoes of U.S. liquefied natural gas (LNG) have been cancelled by buyers in Asia and Europe, according to Reuters. The global pandemic and the unfolding economic crisis have slashed demand for gas worldwide. Cheniere Energy, one of the main exporters of U.S. LNG, has seen an estimated 10 cargoes cancelled by buyers halfway around the world, Reuters said.
The price for LNG in Asia was already crashing before the pandemic, owing to a substantial increase in supply last year. Prices for LNG in Asia for June delivery have recently traded at $2/MMBtu, only slightly higher than Henry Hub prices in the U.S.
As recently as October, LNG prices in Asia traded at just under $7/MMBtu.
The problem for American gas exporters is that after factoring in the cost of liquefaction and transportation, gas breakeven prices for delivering to Asia are around $5.56/MMBtu, according to Reuters. But prices are trading at less than half of those levels.
Gas exports tend to be conducted under rigid contracts, but cargoes are now facing cancellation.
“The financial prospects for [LNG] ? once one of the globe’s hottest energy commodities – seem to be imploding before our eyes,” Clark Williams-Derry wrote in a new report for the Institute for Energy Economics and Financial Analysis (IEEFA). He noted that LNG prices in the fall of 2018 were at around $12/MMBtu.
The oil majors have made large bets on LNG in recent years. Royal Dutch Shell spent more than $50 billion to buy BG Group in 2015. The move back then was made with an eye on surging demand for natural gas. “We will now be able to shape a simpler, leaner, more competitive company, focusing on our core expertise in deep water and LNG,” Shell’s CEO Ben van Beurden said after closing on the acquisition of BG Group more than four years ago.
The deal remade Shell into one of the largest traders of LNG on the planet. Several other oil majors – Total SA, ExxonMobil and Chevron, for instance – have also made massive bets on LNG.
FIRST SHALE OIL DOMINO TO FALL: More to Follow
FIRST SHALE OIL DOMINO TO FALL: More to Follow
In a stunning news release, Continental Resources, the largest shale producer in the Bakken, is shutting in most of its production in the region. That is one hell of a lot of output to shut-in as Continental Resources was producing over 200,000 barrels per day in the Bakken at the end of 2019.
From the data on Shaleprofile.com, Continental Resources had over 2,200 wells in the North Dakota and Montana Bakken producing oil and gas during February this year. How many wells will Continental’s Harold Hamm shut in the Bakken?? And how many will be brought back online, at to what cost, when the market recovers??
According to Reuters, Continental Resources halts shale output, seeks to cancel sales:
April 23 (Reuters) – The largest oil producer in North Dakota has halted most of its production in the state, notifying some customers it would not supply crude at current pricing, according to people familiar with the matter.
Continental Resources Inc, the company controlled by billionaire Harold Hamm, stopped all drilling and shut in most of its wells in the state’s Bakken shale field, said three people familiar with production in the state. North Dakota is the second-largest oil-producing state in the United States after Texas.
This is terrible news for the U.S. Shale Oil Industry because $200 billion in debt is due over the next four years. How are they going to repay this debt if shale companies stop drilling and shutting in production??
If we look at the top five shale oil producers in the Bakken, Continental Resources was clearly ahead of the pack:
This chart from Shaleprofile.com shows that Continental Resources produced more than 200,000 barrels per day in the Bakken at the end of 2019. Hess, which is the second-ranked company, followed by a wide margin at 145,000 barrels per day. Interestingly, the third-largest producer in the Bakken is Whiting Petroleum that just filed for Bankruptcy on April 1st.
…click on the above link to read the rest of the article…
World Is “Sleepwalking Into Surveillance State” As COVID-19 Crackdowns Escalate
World Is “Sleepwalking Into Surveillance State” As COVID-19 Crackdowns Escalate
All across the world, starting with China, the COVID-19 pandemic has allowed for the proliferation of the surveillance state.
More than 100 rights groups are warning that governments and corporations are partnering as a collaborative force to employ big data and increase widespread surveillance that threatens freedoms and privacy, reported Reuters.
At the moment, the surveillance tools are being used to mitigate the spread of the virus, tracing infections back to patient zero, monitoring social distancing, and enforcing lockdowns. However, the virus is likely a cover for pervasive snooping.
Human Rights Watch (HRW) and Privacy International said without appropriate safeguards, surveillance tools could remain in place even after the virus has been eradicated, which would erode people’s freedoms on a long enough timeline.
“An increase in state digital surveillance powers, such as obtaining access to mobile phone location data, threatens privacy, freedom of expression and freedom of association,” the groups said.
Edward Snowden, last week warned that the temporary mass surveillance, built to combat the virus, will not be so temporary, and the new measures are the new normal. He said the virus is the perfect cover to usher in the Orwellian mass surveillance state and will long outlast the virus.
Aaron Kesel of ActivistPost recently pointed out that the virus “is proving to be the Trojan horse that justifies increased digital surveillance via our smartphones.”
“China isn’t the only country looking towards smartphones to monitor their citizens; Israel and Poland have also implemented their own spying to monitor those suspected or confirmed to be infected with the COVID-19 virus. Israel has gone the more extreme route, and has now given itself authority to surveil any citizen without a court warrant.
MSCI Warns US Stocks Could Fall Another 11% As Coronavirus Outbreak Worsens
MSCI Warns US Stocks Could Fall Another 11% As Coronavirus Outbreak Worsens
Shortly before US stocks suffered another triple-digit point drop at the open – dampening the cheers of traders and pundits who gleefully celebrated stocks going positive for the week on Wednesday – MSCI warned on Thursday that another double-digit drop could be in store for US stocks, Reuters reports.
Like most other analysts, Thomas Verbraken, the executive director for risk management at the research and indices giant, said his risk models suggest that a short-term drop in growth of 2 percentage points, and an attendant drop in corporate earnings, could hammer stocks even lower, erasing much (but not nearly all) of the gains since President Trump’s inauguration.
“We’ve conducted a what-if scenario analysis that assumes a short-term drop in growth of 2 percentage points and a risk-premium increase of 2 percentage points,” Thomas Verbraken, executive director at MSCI’s risk management solutions research told clients.
“Our model indicates that, in such a scenario, there’s room for further short-term losses: U.S. equities — already down 11% from Feb. 19 through March 3 – could drop a further 11%.”
Earlier this week, the OECD became the first major NGO to warn that the virus could seriously restrain global growth if the outbreak doesn’t fade with the warm spring weather, like President Trump hopes it will. The OECD said that global growth could shrink “by half” thanks to the outbreak, as the twin supply- and demand-side disruptions wreak havoc on consumption and manufacturing.
All told, two consecutive 11% drops would be equivalent to a more than 20% decline from the all-time highs, which would put the US market solidly into bear-market territory.
Most Wall Street banks have been slower to lower their equity year-end forecasts, but suffice it to say, a 20% drop would leave stocks well below where most of the big banks expect they will be at year’s end.
…click on the above link to read the rest of the article…
Chinese Firms Ask For Billions In Loans Amid Virus Outbreak
Chinese Firms Ask For Billions In Loans Amid Virus Outbreak
In response to the economic paralysis brought about by the coronavirus, Chinese banks are offering billions of dollars in loans to Chinese companies, according to two banking sources via Reuters.
About 300 Chinese firms, including top food delivery company Meituan Dianping and smartphone maker Xiaomi, have requested upwards 57.2 billion yuan ($8.2 billion) in loans to prevent a hard landing as China’s economy grinds to a halt.
The sources said the firms seeking loans are either the hardest hit or have an active role in the control of the virus outbreak.
Evercore ISI Chairman Ed Hyman warned last week that China’s GDP growth could post “zero for the first quarter … China is really slowing and that’s worrying people for sure.”
“We are so solid,” Hyman said. “It’s not the virus, it’s the trade that matters. People are not going out. They are not shopping, and that’s what’s hurting particularly China.”
The scale of disruption in China is already staggering and is already spreading worldwide… and fast, China is effectively shut down and goods are now stranded in floating quarantines.
As Goldman noted here, the overall impact on global growth is about a 2% cut in Q1…
Extended factory closings and supply chain disruptions have forced many companies to request loans for “fast-track approvals and preferential rates,” the sources said.
The sources reviewed several lists of companies that Chinese banks will be distributing loans to. They said no official data is showing total loans requested.
The list includes pharmaceutical firms and restaurants, who’ve requested help from banking authorities.
“Banks will have the final say on lending decisions,” one of the sources said. “The interest rates are likely to be on par with those offered to banks’ top clients.”
…click on the above link to read the rest of the article…
IEA: The Oil Glut Is Going Nowhere
IEA: The Oil Glut Is Going Nowhere
Global oil markets will remain well supplied this year, with a possible overhang of some 1 million bpd, the head of the International Energy Agency, Fatih Bitol, told Reuters.close [x]ReplayUnmuteLoaded: 0%Progress: 0%Remaining Time -0:00CaptionsFullscreen
“Non-OPEC production is very strong. We still expect production coming from, not just United States, but also Norway, Canada, Guyana, among other countries,” Birol said, adding “Therefore, I can tell you that the markets are, in my view, very well supplied with oil, and as a result of that, we see prices remain at $65 a barrel.”
Norway is about to experience a sharp jump in oil production in the next four years, a new forecast from its Petroleum Directorate has shown. After a steady decline over several years, production is set for a 43-percent increase between 2019 and 2024, the NPD said, reaching 2.02 million bpd in 2024. This will be thanks to the start of production at the Johan Sverdrup offshore field along with several smaller fields.
In Guyana, Exxon has just begun production from the Liza-1 well. Daily output from the deepwater field should reach 120,000 bpd before the end of 2020. Exxon is also building a second production vessel that should raise the total to 220,000 bpd.
In Canada, meanwhile, oil production is also set to grow despite a government-imposed curtailment aimed at supporting prices. The curtailment was relaxed twice in 2019 and it only concerns large producers, allowing smaller ones to pump as much as they can sell. Based on this, the Canadian Conference Board recently forecast oil production in the country will be growing at 4.2 percent annually between this year and 2024.
Demand growth, however, will be slow, according to Birol.
“We are expecting a demand growth of slightly higher than 1 million barrels per day,” the top IEA man told Reuters.
This means that except sudden spikes in prices due to geopolitical factors or possible production outages in a major producer, oil prices this year will remain largely range-bound.
By Irina Slav for Oilprice.com
Russia Air Launches Hypersonic Missile In Arctic As Tensions Surge
Russia Air Launches Hypersonic Missile In Arctic As Tensions Surge
Reuters is reporting that Russian state-owned TASS is making big claims this weekend that a Russian military jet has air-launched a hypersonic missile in the Arctic.
TASS cites several Russian military sources, who said a Mikoyan MiG-31 interceptor jet air-launched a Kinjal (Dagger) hypersonic missile over Russia’s part of the Arctic earlier this month.
As we’ve recently noted, Russia has been aggressively expanding its military presence in the Arctic. It has also been increasing exploration activities in the region, such as oil and gas and mineral extraction.
TASS quoted one of the sources in saying, “the tests took place in mid-November.”
The MiG-31K took off from the Olenegorsk airfield in the northern Murmansk region. It fired the hypersonic missile at a ground target located at the Pemboi training ground in Russia’s Arctic Komi region.
Last month, we mentioned that Russia has been installing early warning radar systems across the Komi Republic and the Murmansk region in northern Russia. The radar systems are expected to become operational by 2022, will monitor Arctic airspace for ballistic missile attacks, and monitor aircraft in the region.
In Septemeber, Russia deployed S-400 Triumph systems on the Novaya Zemlya archipelago in the Arctic.
The Danish Defence Intelligence Service published a report last week that said, “a great power play is shaping up” between Russia, the US, and China, which has undoubtedly increased tensions in the Arctic region. The reason for the elevated tension is that $35 trillion worth of natural resources could be hiding underneath the Arctic Ocean floor.
Russia’s militarization of the Arctic is to also defend its “Polar Silk Road” as warming temperatures give way to new shipping lanes and economic opportunities.
…click on the above link to read the rest of the article…
A New Kind of Tyranny: The Global State’s War on Those Who Speak Truth to Power
A New Kind of Tyranny: The Global State’s War on Those Who Speak Truth to Power
“What happens to Julian Assange and to Chelsea Manning is meant to intimidate us, to frighten us into silence. By defending Julian Assange, we defend our most sacred rights. Speak up now or wake up one morning to the silence of a new kind of tyranny. The choice is ours.”—John Pilger, investigative journalist
All of us are in danger.
In an age of prosecutions for thought crimes, pre-crime deterrence programs, and government agencies that operate like organized crime syndicates, there is a new kind of tyranny being imposed on those who dare to expose the crimes of the Deep State, whose reach has gone global.
The Deep State has embarked on a ruthless, take-no-prisoners, all-out assault on truth-tellers.
Activists, journalists and whistleblowers alike are being terrorized, traumatized, tortured and subjected to the fear-inducing, mind-altering, soul-destroying, smash-your-face-in tactics employed by the superpowers-that-be.
Take Julian Assange, for example.
Assange, the founder of WikiLeaks—a website that published secret information, news leaks, and classified media from anonymous sources—was arrested on April 11, 2019, on charges of helping U.S. Army intelligence analyst Chelsea Manning access and leak more than 700,000 classified military documents that portray the U.S. government and its military as reckless, irresponsible and responsible for thousands of civilian deaths.
Included among the leaked Manning material were the Collateral Murder video (April 2010), the Afghanistan war logs (July 2010), the Iraq war logs (October 2010), a quarter of a million diplomatic cables (November 2010), and the Guantánamo files (April 2011).
The Collateral Murder leak included gunsight video footage from two U.S. AH-64 Apache helicoptersengaged in a series of air-to-ground attacks while air crew laughed at some of the casualties.
…click on the above link to read the rest of the article…
“Panic Mode” Run On Lebanon’s Banks Feared After 7-Day Closure Amid Protests
“Panic Mode” Run On Lebanon’s Banks Feared After 7-Day Closure Amid Protests
Banks across Lebanon have been shuttered now for a seventh consecutive day, with the country’s banking association saying banks would remain closed Friday over “safety concerns” as massive anti-corruption protests have brought multiple cities to a standstill, which began a week ago.
Reuters reports that banking operations have been “limited to paying out customer and employee salaries via ATMs” in a situation which has also hit war-torn Syria, given many Syrians rely on the neighboring Lebanese banking system to hold dollars and savings following the collapse of Syria’s currency.
For the first time addressing the protests — dubbed the ‘WhatsApp Revolution’ because it was initially triggered by a government a plan to boost state revenues with a daily tax rate on calls made via voice over internet protocol (VoIP), utilized by applications such as Facebook-owned WhatsApp — Lebanon’s President Michel Aoun in a public speech touted an economic reform package proposed by the prime minister as a “first step” toward staving off economic collapse.
Aoun acknowledged state corruption has “eaten us to the bone” and assured the crowds, “I am ready to meet your representatives who carry your concerns, to listen to your specific demands.”
He also hinted at a government reshuffle potentially in the works, saying that there was “a need to review the current government.”
…click on the above link to read the rest of the article…
Japan Braces For Typhoon Hagibis Could Be Strongest In Decades
A powerful typhoon is headed for Japan this weekend, threatening to cripple Tokyo with the most torrential rains and winds in nearly six decades, reported Reuters.
In a statement Friday morning, meteorologist and owner of Empire Weather, Ed Vallee, said Typhoon Hagibis is expected to hit the Tokai/Kanto region on late Saturday. The likely Category 3 typhoon could then “grind” its way northward through the Tohoku region by late weekend.
“Hagabis is a strong typhoon in the west Pacific, making its way closer to mainland Japan. As of 3 PM Friday, Tokyo time, Hagabis was located due south of Japan. This system will continue to approach through Friday night, Tokyo time, with increasing rain and wind.
Only 4 storms have come within 100 miles of Tokyo as a Category 3 typhoon or higher. At this time, Hagabis will be weakening, and it may be weaker than this strength. Regardless, typhoon conditions are possible Saturday local time as this system passes. This will disrupt air travel, with all Nippon Airways flights expecting to be canceled. Railway systems will also likely be impacted, along with the Rugby World Cup, which has already been canceled. Damage to buildings and power outages are also expected. This storm will move away from the region to end the weekend,” the statement said.
Vallee also noted that the storm could be the strongest typhoon to hit Tokyo since the late 1950s.
He said rainfall and winds in the capital could damage critical infrastructure and cause life-threatening situations for its residents on Saturday.
The Japanese government said shopping districts, factories, and public transportation in the Greater Tokyo Area are being shut down in preparation for the storm.
Prime Minister Shinzo Abe said a disaster management meeting would be held on late Friday.
…click on the above link to read the rest of the article…
Bank Crisis Hits India: “Bank Stops Functioning, People Crying Outside Bank Branches”
Bank Crisis Hits India: “Bank Stops Functioning, People Crying Outside Bank Branches”
The Punjab Maharashtra Co-operative Bank (PMC), in India, has been caught cooking the books and misreporting non-preforming loans (NPL) of Mumbai-based real estate developer Housing Development and Infrastructure Ltd (HDIL). As Reuters reports, PMC hid the bad loans with 21,000 fictitious accounts, which has spooked depositors, investors and government officials,
Reuters learned about the massive fraud through a complaint filed with the Economic Offences Wing (EOW) of Mumbai Police earlier this week, alleges that PMC concealed $616 million in NPLs.
BloombergQuint said PMC’s loan book had a 73% exposure to HDIL’s failed real estate dealings.
“The actual financial position of the bank was camouflaged, & the bank deceptively reflected a rosy picture of its financial parameters,” said the complaint, noting that the fictitious loan accounts were not entered into the bank’s core banking system – a factor key in the perpetration of a $2 billion fraud at Punjab National Bank that was uncovered in 2018, said Reuters.
The complaint says PMC’s Chairman Waryam Singh and its Managing Director Joy Thomas were at the center point of the fraud. It also names HDIL’s former senior executives Sarang Wadhwan and Rakesh Wadhwa, who were the recipients of the real estate loans.
As recession fears intensify in India, the PMC banking crisis has ignited the debate among government officials that the banking sector could be headed for turmoil.
The Reserve Bank of India (RBI) took over PMC last week and has prevented the bank from new loan creation, while nearly 900,000 depositors have been informed that capital controls are being placed on their accounts for six months.
Dozens of videos have been uploaded to social media this week, detailing how depositors are being locked out of their accounts, some fear the worst, as the bank has likely failed.
…click on the above link to read the rest of the article…
Poland: Zero Emissions Is A Trillion-Dollar Fantasy
Poland: Zero Emissions Is A Trillion-Dollar Fantasy
Reducing emissions in Poland to zero will cost the country between $760 and $980 billion (700-900 billion euro), said Energy Minister Krzysztof Tchorzewski, as quoted by Reuters.
“Of course, these costs would obviously be spread over years. But I treat it as a fantasy when someone says that Poland is able to reach the zero-emission goal by 2050,” Tchorzewski said, according to a report in Polish state news agency PAP.
Poland, along with Hungary and the Czech Republic, became the reason an ambitious emissions plan proposed by other EU members was dropped as a piece of binding legislation.
Later in the year, France’s President, Emmanuel Macron, criticized Poland specifically for still using a lot of fossil fuels—particularly coal—despite the EU’s climate change goals.
Ahead of the UN climate talks last month, Macron slammed Poland for not toeing the line: “Marching every Friday to say that the planet is burning, that’s nice, but that is not the problem,” the French president told media before going on to lash out at climate protesters in France, telling them that they should “go protest in Poland! Help me move those I cannot push forward.”
At the time, Poland’s Deputy Foreign Minister tried to soften the blow, and Macron himself added remarks to that effect.
“I’m not stigmatising anyone. But I want to convince our Polish friends that it’s good for them to move on this,” Macron said.
Poland is in fact not opposed to zero emissions. However, as Prime Minister Mateusz Morawiecki said in June, it will need a solid compensation package for its industry in exchange for a firm commitment to the EU’s ambitious climate change goals.
“Poland wants to catch up with Europe, not to perish. Each percent means huge costs,” Energy Minister Krzysztof Tchorzewski said, referring to the percentage of renewable energy in Poland.
US Unveils Seizure Warrant For Iran’s Grace 1 Tanker
US Unveils Seizure Warrant For Iran’s Grace 1 Tanker
Apparently the month long saga of the Grace-1 is not at all over, and may now seriously escalate even after it was set free from custody. Just as the Iranian supertanker was released from custody off Gibraltar and is preparing to make its way into the Mediterranean, a seizure warrant filed by the US Department of Justice was unsealed in a US district court late Friday.
Documents allege “a scheme to unlawfully access the U.S. financial system to support illicit shipments to Syria from Iran by the Islamic Revolutionary Guard Corps,” the DoJ said in a statement.
The seizure warrant and forfeiture complaint alleges the now Iranian-flagged tanker along with its over two million barrels of oil aboard it and $995,000 “are subject to forfeiture,” citing terrorism forfeiture statutes, and bank fraud and money laundering.
“The scheme involves multiple parties affiliated with the IRGC and furthered by the deceptive voyages of the Grace 1,” US Attorney for the District of Columbia Jessie Liu said in a press release. “A network of front companies allegedly laundered millions of dollars in support of such shipments.”
The warrant is addressed to “the United States Marshal’s Service and/or any other duly authorized law enforcement officer.”
According to Reuters, the Grace 1 – now renamed the Adrian Darya after Iran began flying its flag over the previously Panamanian-flagged tanker – may not have made it far though it was filmed moving on Friday. “The tanker shifted its position on Friday, but its anchor was still down off Gibraltar and it was unclear if it was ready to set sail soon,” the report said.
…click on the above link to read the rest of the article…
Chernobyl-Style Cover Up? Run On Iodine Pills After “Isotope Powered” Rocket Explosion In Russia
Chernobyl-Style Cover Up? Run On Iodine Pills After “Isotope Powered” Rocket Explosion In Russia
Is Russia in the process of covering up a nuclear accident after a confirmed spike in radiation levels in the aftermath of a reported rocket engine explosion at a northern testing facility Thursday? Authorities confirmed the accident involved an “isotope power source for a liquid-fuelled rocket engine”.
Russia’s state nuclear agency has said five of its staff members were killed at a military testing site in northern Russia, reportedly when the liquid propellant rocket engine exploded during tests on a sea platform. Some reports say it may have involved a top secret weapon that was part of Moscow’s hypersonic arsenal. Russia is pursuing hypersonic missiles as a nuclear deterrent, as Putin himself has recently verbalized.
Other staff were being treated for serious burns after the accident; however, as Reuters reported, there’s a run on iodine (used to reduce the effects of radiation exposure) in the northern port cities of Arkhangelsk and Severodvinsk, near where the mystery accident occurred.
“Everyone has been calling asking about iodine all day,” one pharmacy was quoted as saying by a local media outlet in Arkhangelsk area, Reuters reported.
Thursday’s mystery incident came two days after 16,500 people fled their homes when a separate immensely powerful series of blasts rocked an arms depot in Siberia, which had been caught in dramatic footage.
And in a follow-up report to Thursday’s mystery incident, Reuters pointed out initial emergency alert statements about a rise in radiation levels have been scrubbed from public record:
…authorities in the nearby city of Severodvinsk reported what they described as a brief spike in radiation. No official explanation has been given for why such an accident would cause radiation to spike.
The radiation statement put out by the city of Severodvinsk disappeared from the Internet on Friday without explanation.
…click on the above link to read the rest of the article…
“We’re Already Starting To Ration Our Corn” – Perfect Storm Could Send Spot Prices Higher
“We’re Already Starting To Ration Our Corn” – Perfect Storm Could Send Spot Prices Higher
Corn is extensively used to feed livestock, but the surge in spot prices has forced US farmers to search elsewhere for low-cost substitutes, reported Reuters.
The persistent wet weather that swamped the Midwest this spring is now reducing corn yields.
More recently, dry, hot weather continues over large swaths of the Midwest, is also wreaking havoc on corn yields. Volatile weather as a whole, in 2019, could lead to one of the lowest corn harvests in years.
The US Department of Agriculture (USDA) last month projected 2019 corn production at 13.88 billion bushels, an 8% drop YoY.
Agricultural organizations, equipment dealers and factories that convert corn into ethanol have already felt the pressure from farmers because of millions of acres went unplanted due to wet weather across the Central and Midwest, including corn and soybean belts.
Accurate picture of how the spring of 2019 has been so far. (Yes, that is a turtle swimming in the corn)
Reuters spoke with meat producers who are now rushing to find substitutes to avoid margin compression from skyrocketing corn prices; they’re attempting to stretch out supplies of corn held in storage.
Experts have warned spot prices of corn could jump once harvesting begins this fall because declining yields will be realized.
Higher prices for corn could translate into higher meat prices, which are already soaring after China’s African swine fever crisis has led to the deaths of hundreds of millions of pigs.
USDA supermarket data showed retail pork prices had soared 9% YoY versus this time last year, while beef prices are up 2%. Rising food costs are occurring at a time when the overall economy is rapidly slowing.
…click on the above link to read the rest of the article…
