World on track for record food prices 'within a year' due to US drought

The Telegraph ^ | 9/23/2012 | Emma Rowley, and Garry White

[mojito]

They are being driven upwards by the climb in grain and oilseed prices as US crops weather the country's worst drought since 1936, while the farming belts of Russia and South America suffer through similar water shortages.

What we are seeing represents the third major rally in global grain and oilseed prices in just half a decade.

Worse is to come, new research warns. World food prices look set to hit an all-time high in the first quarter of next year – and then keep rising, according to the analysis from Rabobank, a specialist in agricultural commodities.

By June 2013, the basket of food prices tracked by the United Nations could climb 15pc from current levels, according to the bank's analysts.

[mojito]

Egypt needs to import almost half it's food, and it has no money.

The last time food prices rose dramatically two years ago, there were nasty riots in China.

Things might get real interesting by February.

[Emperor Palpatine]

Let the Chicoms kill each other.

Our problem here is using food for ethanol.

[Elendur]

and turning 40% of our corn, into ethanol
(which net, requires more energy than is gained...)
has nothing to do with food prices ?

[jsanders2001]

Ramses in power when Jewish were enslaved. Drought.

AntiChrist in power. Middle class enslaved to pay for everyone elses redistribution. Drought.

Think I’m beginning to see a correlation.

[bigbob]

BS.

The farmer gets about 6 cents for each box of cornflakes. The actual food content of every other food item can be determined to be equally low. So there may in fact be record food prices, but the drought will be what is blamed, but not the actual cause.

[Just mythoughts]

Corn was not the only crop that did not produce. Animals will not live long if there is no water. Many had to be sold. So there may be a short term glut of animals at the market, but long term, people are going to see extreme costs for everything from milk, eggs, and meat.

[VRWCarea51]

40%?
It was actually 49% this year and due to EPA mandates of increased ethanol production requirements that number will be over 50% next year.

[Vaduz]

The drought will be what is blamed, but not the actual cause.

Agree bet the price of fish increases too.

[Uncle Slayton]

“AntiChrist in power. Middle class enslaved to pay for everyone elses redistribution. Drought.”

Rains will begin to fall in November or on January 20. 2013 and the fields will be lush.

[Socon-Econ]

Could opposition to high-yielding, but never-shown-unsafe, genetically modified crops be contributing to the inadequate harvests? Nowadays, the environmental extremists need only allege that a product is unsafe, perhaps citing a pseudo-scientific study, and the news media shift the burden of proving otherwise to the producer. Latest victim — the so-called “pink slime,” i.e., ground and pressed excess cuttings of perfectly good meat.

[Ronin]

Each payday from now on, I am stocking up on staples. Last month it was 5kg of red kidney beans. We already have a very substantial amount of rice stored. Japan has a lot of fallow farmland and a lot of healthy elderly are learning how to grow their own food. One thing the Great East Japan Earthquake of March 11, 2011 really impressed upon the nation was the dangers of an overly centralized food distribution system. Buy locally, consume locally, that’s the ticket. If your carrots are coming from a farm more than 100 km away, you need to find a closer source.