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Why are we about to be paying so much more for pasta?

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Rising concerns surround the beloved pasta dish as prices surge due to drought in Canada and adverse weather conditions in Europe, damaging crops of durum wheat and disrupting supplies for flour millers and food companies.

Italy’s government convened a crisis meeting in response to the soaring prices of this staple food, which have increased more than double the national inflation rate.

Global production of durum wheat is on track for a 22-year low, leading Italy’s renowned pasta makers to explore unconventional suppliers like Turkey for their main ingredient.

In Toronto, Continental Noodles, a family-owned business, experienced a sudden 24% increase in the cost of a 20-kilogram bag of semolina flour, derived from durum wheat, over a few weeks in July.

This cost escalation, coupled with setbacks in tomato supply due to adverse conditions in Spain and India, has raised concerns for producers like Continental Noodles, which supplies pasta to outlets like Whole Foods.

Vincent Liberatore, one of the owners of Continental Noodles, expressed apprehension over potential further price hikes, unsure of how much additional cost consumers can bear.

He stressed that businesses are navigating an uncertain landscape marked by fluctuating costs.

Across the globe, retail pasta prices have risen by approximately 12% in Europe and 8% in the United States this year, according to market research firm Nielsen.

In tandem, the price of another essential staple, rice, has surged due to export restrictions in India.

The International Grains Council forecasts a notable decrease in global durum production for the 2023/24 period, resulting in the lowest production levels in 22 years and dwindling global stocks.

Canadian farmer Darold Niwa, based in Alberta, witnessed his expectations for a robust durum harvest diminish as drought conditions persisted.

His durum yield plummeted, producing only a fraction of the usual kernels per head. The adverse weather conditions have also impacted the United States, Spain, Italy, and France, causing supply challenges and fluctuations in quality.

Notably, Canada, accounting for approximately half of global durum trade, faces its second-smallest harvest in over a decade, with an expected yield of 4.3 million metric tons this year.

The spike in Euronext futures price benchmarks in early August, influenced by deteriorating supplies, compelled major importer Algeria to cancel a durum tender.

Meanwhile, Turkey emerged as an unexpected durum exporter, capitalising on a bumper harvest and substantial stocks. Turkish durum exports have temporarily influenced prices but are anticipated to escalate again when Turkey’s reserves deplete.

In response to the dire supply situation, pasta makers are exploring alternative options such as utilising more soft wheat in regions where regulations permit.

Soft wheat differs from durum, which produces the sought-after “al dente” texture in pasta.

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Trump officially nominates J.D. Vance to be his Presidential running mate

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Former President Donald Trump has officially nominated J.D. Vance as his running mate for the upcoming presidential election, cementing Vance’s role in the Republican ticket.

J.D. Vance, once a vocal critic of his policies, has been selected by the former President to be his running mate in the upcoming presidential election.

Ticker’s Ahron Young discusses all the latest. #featured #trending

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Esports officially recognised by Olympic officials as they aim to “keep up with digital age”

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Saudi Arabia will host the first official Olympic Esports Games in 2025, in a bid to “keep up with digital age”.

The decision comes amidst growing global interest in esports and the influence and cultural impact of gaming in the digital era.

The event aims to showcase top esports talent and foster international unity through competitive gaming on a global stage.

Emily Leaney discusses all the latest.

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Political left gains ground in France and UK amid rising geopolitical tensions

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France and the UK have seen unexpected political shifts to the left, challenging predictions of a populist right surge.

2024 is the year of the election, and amid uncertainty of the election results, global tensions are rising between each nation.

In the backdrop of economic uncertainties and geopolitical rivalries, each nation’s electoral outcomes could significantly influence global stability and cooperation efforts.

Professor Tim Harcourt from UTS and The Airport Economist joins to discuss. #featured #trending #global view

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