A heatwave across the Northern hemisphere is destroying crops and causing grain prices to surge. That’s bad news for grain importing countries and packaged food manufacturers. The deadly heatwave has been sweeping across the Northern hemisphere, with record temperatures stretching all the way from Japan to Norway to Texas. In the Finnish Lapland, the supposed home of Santa Clause, a new heat record of 92 degrees Fahrenheit (33.4 degrees Celsius) was reached in July 2018, while the province of Ouargla in Algeria recorded 124.3 Fahrenheit (51.3 Celsius), possibly a record on the African continent. Wildfires have broken out in Greece, Northern Sweden, Russia’s Siberia and U.S. plaines, taking human lives and wiping out tens of thousands of acres of forests in between.
This extreme heat, coupled with drought conditions, has disrupted the growth cycle of cereals and oilseed plants, resulting in late-sprouting crops of uneven quality in key growing markets such as Russia, North America, and Western Europe. In some cases, the damage is so bad that farmers are destroying crops rather than attempting to harvest them . . .