Well, we had a poor harvest over many areas of the world, including the United States midwest.
Long and short of it, this blogger's analysis of the harvest information shows that we basically don't have enough food to make it through to the harvest next fall. That fact will not be immediately apparent, but if this information is correct, we should see significantly higher food prices in the U.S. and Europe, and shortages in developing countries.
Now is the time to stock up. Don't buy things you won't eat, just buy non-perishable goods and canned goods, and frozen goods if you've got an extra freezer or two. We just bought half a cow and half a pig from the meat processor in my wife's hometown in Iowa. The beef costs $2 a pound. Of course, we've got about 350 pounds of it, but it's awesome. The pork is even better. I think it was about $1.75 a pound. We got sausage, bacon, roasts, pork chops, etc, etc. The freezers are full. We're very happy. This is the cheapest way to buy meat, and it's much better meat than grocery store meat.
If I'm wrong, no harm, no foul. Eat what you've stored away. If I'm right, you'll be glad you did. Rice, oats, wheat flour, cooking oil, soy products, and corn will be more expensive and there will be spot shortages. Beef, pork, and poultry will increase in price because we feed them on corn and soy.
Also, plan on putting in a garden this spring. You'll help yourself a bit and the food will be healthier. Learn to can. Learn to freeze. Maybe talk to your church about using part of the church grounds for a community or congregational garden. We've kicked around the idea of a fenced garden plot with a chicken coop contained in another perimeter fence around the garden. That way the deer stay out, and the grasshoppers have to run a chicken-coop gauntlet in order to get to the garden. Both deer and grasshoppers are a serious threat to gardens in western South Dakota.
The markets are bumping along as predicted. Expect nothing dramatic to happen until after the New Year. Gold is continuing to correct, now below $1100. It's still got lower to go, IMHO. As long as it stays above $920, this is a correction in the bull market and thus a buying opportunity.