Saturday, March 2, 2013

Commodities: The Coming Pine Nut Shortage

I suppose this is as good a place as any to fess up to a malignant narcissistic personality disorder and write my pesto manifesto.
Or not.
Here's Bloomberg:

Pine Nuts Rate Foie Gras Prices as Bugs to Drought Cut Harvests
French gourmets face a quandry: spend that last euro on foie gras or on a package of pine nuts.

The global harvest of the nuts -- a key ingredient in classic Italian pesto sauce which graced prehistoric diets and was considered an aphrodisiac in ancient Rome -- fell an estimated 47 percent last year, boosting prices to the highest in more than a decade. That’s prompting manufacturers and home preparers to substitute cheaper cashews or walnuts.

“Consumers will start treating them more like a luxury item, something of a tree-produced caviar,” said Leonid Sharashkin, pine-nut forestry adviser to Salem, Missouri-based Pinenut.com, which harvests and sells wild crops.

The crop in China, the biggest shipper, fell 90 percent last year, while yields dropped 63 percent in the Mediterranean region, the International Nut & Dried Fruit Council estimates. U.S. import prices for shelled pine nuts were the highest in at least two decades in 2012, while German buyers in November paid the most for Chinese nuts since at least 1998, trade data show.

French retailer Monoprix SA sells the nuts online starting at 78.40 euros ($103) a kilogram (2.2 pounds), more expensive than foie gras, 20-month-cured Parma ham or lumpfish eggs....MORE 
See also: the Strange Bloomberg Headlines tumblr--

Ohio Plans Drones to Hunt Lost Kids as They Bring Jobs

Drug Users Turn Death Dealers as Methadone From Bain Hits Street

Teekay to Euronav Win as Iraq Oil to EU Fills Iran Void: Freight