This CBC report on the weak Wheat market ends on a startling note:

However, the production outlook for the coming crop year is projected at 18.45 million tonnes — the lowest since 2002.

“All that rain and all those unseeded acres are having a severe effect on production,” White said.

The board estimates that the excess rains have left 4.25 million hectares unseeded and ruined the prospects for another one million hectares that did get in the ground.

Allen Oberg, chairman of the wheat board’s board of directors, said the unseeded land and low production forecast have put Prairie farmers in a dire situation.

“Farmers are resilient, but when you cannot even get seed into the ground, it’s devastating,” he said.

This, along with other bad farming news, produced the biggest monthly spike in Wheat price since 1959:

CHICAGO (Reuters) – U.S. wheat futures rose over 5 percent Friday and were set to post the biggest monthly percentage gain since at least 1959 as drought decimated the crop in dominant global supplier Russia.

The gains in wheat boosted corn and soybean futures for a third straight day and roughly 10 percent for the month, even as favorable weather in the U.S. Midwest buoyed crop prospects.

Wheat futures at the Chicago Board of Trade (CBOT) gained 42 percent in July, were up 55 percent from the the lows in June and exceeded a 38 percent gain in 1964, according to records going back to 1959 from the Commodity Trend Service, a private charting firm.

The spot wheat contract was up 34 cents at $6.61-1/2 per bushel at the close of trading on Friday.

Investor funds bought an estimated 16,000 CBOT wheat futures contracts, 80 million bushels or 3.6 percent of this year’s estimated U.S. wheat production of 2.216 billion bushels.

CBOT soybeans jumped to a 6-1/2 month high and corn to a near two-week peak, following the surging wheat market. September corn was up 13-1/2 cents at $3.92-3/4 and August soy was up 25-3/4 cents at $10.52-1/2.

Funds bought 18,000 corn futures contracts and 6,000 soy.

November new-crop soy rose above $10 per bushel for the first time since Jan. 11.

A little arcane but what this all adds up to is higher prices for food. Stock up now.

h/t Survivalblog