Worldwide Food Prices Rose 32% in Last Half of 2010

Pentagon trains for food riots in the U.S.

Pentagon trains for food riots in the U.S.

The global food supply chain is stretched to the limit, sending prices soaring and sparking concerns about a repeat of the deadly food riots last seen in 2008. This was reported in an article

“We are entering a danger territory,” Abdolreza Abbassian, chief economist at the U.N.’s Food and Agriculture Organization (FAO), said last week.

Here are some sobering facts from the FAO:

  • Worldwide food prices jumped 32 percent in the second half of 2010.
  • Prices rose again in the U.S. this week after the USDA cut its already-tight estimate of grain inventories.
  • Estimated reserves of corn were cut to about half the level in storage at the start of the 2010 harvest
  • Soybean reserves are at the lowest levels in three decades
  • Record low stocks of food in the U.S. mean higher prices.
  • Higher oil prices are pushing up the cost of food.
  • Higher oil prices also divert more crops like corn and soybeans to biofuel production.
  • Price for grains and other farm products have been rising since last fall after poor harvests in Canada, Russia, and the Ukraine.
  • Hot, dry weather in South America has cut production in Argentina, a major soybean exporter.
  • This month’s flooding in Australia wiped out much of that country’s wheat crop.
  • Last month, Iran deployed squads of riot police to maintain order after slashing subsidies for food and gasoline.

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Feed a family of 4 for 1.5 months

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