The UN Food and Agriculture Organization has warned that the current financial crisis will affect agricultural sectors in many countries negatively, including those in the developing world. World cereal production is expected to hit a new record this year as high prices boosted plantings under generally favorable weather conditions, FAO said today in the latest issue of its “Food Outlook”, a bi-annual commodity publication. World cereal production is forecast to be large enough to meet... ...Read more »
Nearly six out of 10 Americans report they have had to cut back on the quantity or quality of food they buy because of increasing prices, according to The 2008 Hormel Hunger Survey, carried out by the Opinion Research Corporation.The study, commissioned by Hormel Foods Corporation, discovered most Americans (67%) believe that food prices have ‘increased a lot’ since last year, with 61 per cent suggesting that corn-based ethanol is at least partly responsible for higher food prices. Fifty-seven... ...Read more »
World Bank Group President, Robert Zoellick, has called on leaders of the G8 as well as the major oil producers to act now to deal with surging food and energy prices, warning that the world is now “entering a danger zone”. Mr Zoellick outlined his fears in a letter to the head of the imminent G8 summit in Japan, in which the World Bank, World Food Program (WFP) and International Monetary Fund estimate that about $10 billion is needed to meet short term needs of people hit hardest by... ...Read more »
Governments around the world should resist the temptation to resort to protectionist measures in food markets if they are to help their populations through the current spike in food prices, according to the Rural Industries Research and Development Corporation (RIRDC). A new research report, ‘High Food Prices: Causes, Implications and Solutions’ - funded by the RIRDC, provides an analysis of food price rises and says government intervention could only make the problem worse. The exception... ...Read more »
An unprecedented partnership among key players in agricultural development aims to significantly boost food production in Africa’s “breadbasket regions,” link local food production to food needs, and work across Africa’s major agricultural growing areas-or agro-ecological zones-to create opportunities for smallholder farmers. The agreement marks a significant transformation in the way major global agencies work with smallholder farmers to assist them in solving Africa’s... ...Read more »
FAO Director-General Jacques Diouf yesterday appealed to world leaders for US$30 billion a year to re-launch agriculture and avert future threats of conflicts over food. In an impassioned speech at the opening of the Rome Summit, called to de-fuse the current world food crisis, Dr Diouf noted that in 2006 the world spent US$1,200 billion on arms while food wasted in a single country could cost US$100 billion and excess consumption by the world’s obese amounted to US$20 billion. “Against... ...Read more »
After years of trying to rein in persistent overproduction by European farmers, the European Commission is now seeking to free farmers to respond to the skyrocketing global food prices and low stocks. The Communication document produced by the EU analyses structural and cyclical factors and proposes a three-pronged policy response, including short-term measures in the context of agricultural policy and in the monitoring of the retail sector; initiatives to enhance agricultural supply and ensure food... ...Read more »
A combination of record low global inventory levels, weather induced supply side shocks, surging outside investor influence, record oil prices and structural changes in demand for grains and oilseeds have created an explosive environment for prices, a recently-released industry report from the world’s leading food and agribusiness bank, Rabobank, says. The Rabobank Global Focus report titled Grains & oilseeds – is it a new era for prices?, says that while it is still early days, the outlook... ...Read more »