Odd Lots
Why the Price of Oil, Beef, Electricity, and Everything Else Makes No Sense
May 18, 202630 min · 6,667 words
Show notes
Whether it's the price of a barrel of Brent crude or a pound of beef, it's clear prices are skyrocketing for all kinds of goods and commodities. Price shocks and shortages are, if anything, the way consumers understand the economy right now — at the grocery store or at the gas pump. Certainly, current (and future) shocks can be explained by the closure of the Strait of Hormuz.
Highlighted moments
The world is drowning in wheat. It is swimming in milk. We have so much food out there. The only thing we're short of is beef.
“the price the farmers are getting at the moment they're looking at wheat is very low. The price they're looking at for milk is very low. And they're saying, well, what decision are we going to make?”
“this time corn prices have barely moved they're at $4.5 a bushel and the price of fertilizer has gone through the roof so that spread is effectively negative to the farmer”
“if you have a pint of milk you want to make money on it you split it into cheese and whey you get the whey you turn into WPI which is high protein whey and then you sell that to anyone making any food in the world”
Transcript
Transcript not available for this episode yet.
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