World food prices may have hit a 10-year high in October, but that doesn't mean they'll be leveling off anytime soon.
- Thanks to Texas' Arctic blast in February and Hurricane Ida in August, U.S. fertilizer production was disrupted, according to farmers. Then a rise in the price of natural gas, which is used in fertilizer production, sealed the deal, causing the global price to top $1,000 a ton for the first time ever, BMO Capital Markets reports.
- Because of the higher prices for fertilizer, several U.S. farmers have put off buying it -- and now there's a scramble to get enough for the spring crops. Not only will the shortage result in higher corn, canola and wheat prices, but because those crops are used to feed animals, meat prices are expected to skyrocket as well, according to the Agricultural Retailers Association.
- Why have we seen so many shortages over the past year or so?
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