Rising temperatures are leading to rising produce prices

The Street
The Street
  • 3 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why your fruits and vegetables now cost more.

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Transcript
00:00I'm Conway Giddens reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Wall Street is keeping one eye on the Federal Reserve
00:07this Tuesday as policymakers begin
00:09two days of deliberation on the path of interest rates.
00:12The other eye will be on earnings.
00:14Some 44 companies in the S&P 500 are
00:17set to report quarterly results, including Microsoft, Starbucks,
00:21PayPal, and Merck.
00:23In other news, record temperatures
00:25are likely to lead to a long-term spike in food prices.
00:29Farmers are struggling with crops
00:30as searing heat and water shortages impact
00:33how much food is being grown.
00:35Most produce prices are locked in for the summer,
00:38but prices are likely to rise later in the year
00:40due to decreased supply.
00:42Organic farmers in California and Oregon
00:45have seen fruits like blueberries and citrus
00:47shrivel under temperatures that have topped 100 degrees.
00:51Meanwhile, as the heartland bakes,
00:53corn production has declined.
00:56Corn growers are losing, quote, $720 million
00:59in revenue annually due to heat's effect on crop yields,
01:03which will increase to a projected $1.7 billion
01:06annually by 2030, a 2021 study published by the Atlantic
01:11Council projected.
01:12Researchers and experts say that will
01:14force farmers to raise prices in order to stay in business.
01:18And that will have a knock-on effect
01:20throughout the food chain.
01:22Farmers use grains and vegetables
01:24as feed for livestock like chicken and cows.
01:27So as warmer temperatures push input costs higher,
01:30meat producers will be forced to pass that on to consumers,
01:33ultimately leading to higher meat prices at the grocery
01:36store and at the restaurant.
01:38That'll do it for your daily briefing
01:40from the New York Stock Exchange.
01:41I'm Conway Gittins with The Street.

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