Fox Business
Expand
Browse All Video
Watch Live

You're watching...

How High Will Food Prices Go?

Details

  • Description

    Commodity Analyst Phil Flynn on the outlook for rising food prices.

  • Duration 3:40
  • Date

Clips

Also in this playlist...

Commodities

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

And maybe that -- shouldn't really be worried about mcdonalds.

Because that the rate.

Prices are going it'll be too expensive form anyway -- prices are rising.

So -- had so much that it hopes of passing on the burger and apparently detectives do.

Please don't look now but.

Quoted prices have been rising even faster effectively making chicken the new deal I kid you not it's enough to make us all.

Hope.

Vegetarians that to commodity now -- -- -- says it is gonna get worse scuttled all -- though.

If you're giving get a lot worse impact I can't decide if I want chicken nuggets of gold nuggets right yeah because it I'd say it's absolutely -- have.

Ali enhancement you know and I'll tell you what you don't we change or chicken the way that you see them and if you look at wild wings -- chicken make nuggets you know it's become such a staple of the diet.

-- -- an alternative to beat people haven't been able to afford -- they move the chicken may move the pork.

But because of the drought in the US those prices are rising even faster than -- so right now there is a crisis and he's markets.

And it's gonna get a heck of a lot more expensive for mcdonalds and these other restaurants in this -- more difficult to make a profit.

Because these cost of these major -- -- Put costs are gonna be soaring here in the next few months.

You know what's it just -- -- right now futures does not.

Translate how the -- market will do down the road but when you have this stuff running up -- a 4050%.

-- I mean it's unavoidable that we'll see at a minimum low double digit increases in the price of chicken in the price of diesel authorities seen.

That's -- when I hear the government estimate well it's gonna go up about.

5% I think they're being way too conservative.

I agree with you in fact that was you know secretary Vilsack was trying to downplay the impact on the consumers and prices.

You know I heard other people saying you know corn it's such a small part of what we talk talk about when we get a you know box of cereal or whenever the wheat and cereal but at the end of the day.

I this is going to be the most substantial food price increase that we have seen probably since the 1970s.

I mean this is serious stuff deal.

If this drought continues away it's going -- we continue to lose a big portion of the crop we've probably lost.

Are at least impacted 80% of the corn crop the soybean crop even though it's what better the last few days is -- out of the woods yet.

You know if you lose a big portion of that crop I could see you know 10% food increases next year so this is serious stuff.

Our you know I think that they -- when people try to downplay -- they're praying for rain and you know right now that forecasts that doesn't look wet enough to get us out of this mess.

You know when we talk about the blue -- when prices rise and others you go out of -- go to chicken.

We go to Turkey you whatever but if they're all bad -- -- are all rising and alliance at a fairly dramatic rate.

What do you think people end -- doing I mean if chickens become the new deal.

Not wanna see what what happens.

I don't I hope not spam I think we don't.

Spam I don't know -- -- place -- -- -- where I know what I don't know what did you don't.

You don't wanna know that's the -- -- -- introduce -- watching you can make everything right no really I mean really when you get to the point where you know we're we're kidding here in the United States and right.

Where we are ample -- things have changed we're going to be importing.

Corn and soybeans.

You know from Brazil and in other parts of the world people I'm I'm sad to say are gonna go hungry so it is more serious and we're -- might -- that but but -- is.

Does that society -- and any major impact it's not answer right now gonna get out of its chief.

Yeah Phil Flynn thank you serve good seeing you again they.

Load More