Think We Can End Californiaã¢â‚¬â„¢s Drought by Eating Differently? Think Again
Record nutrient prices likely to remain: FAO
Tape food prices are likely to exist sustained this year because of high crude oil costs and smaller crops, said the United Nations Nutrient & Agriculture Organisation
Record food prices are likely to be sustained this year because of high crude oil costs and smaller crops, said the United Nations Food & Agronomics System.
"The potential risk is crude oil may continue to go higher, and if floods and drought happen once more, nosotros'll face further cost increases," Hiroyuki Konuma, the FAO'south regional representative in Asia, said in an interview today. "Now we're in a much better situation than the crunch in 2008."
Global food costs advanced to an all-time high in February, co-ordinate to an alphabetize compiled past the FAO. The increase has contributed to riots beyond N Africa and the Heart East that toppled leaders in Egypt and Tunisia. Prices surged as bad weather ruined crops from Canada to Australia and Russia banned grain exports after its worst drought in a half-century.
"Nosotros volition get an increment in product but non sufficient to ease the market place," said Abdolreza Abbassian, a senior FAO economist. "High, volatile prices will continue in 2011 and even in 2012," he said in a video briefing today in Bangkok.
An index of 55 nutrient bolt climbed 2.2 percent to a record 236 points final month, from 230.7 in January, the UN said March 3. Wheat avant-garde 60 percent in Chicago in the by twelvemonth, corn gained 92 percentage and soybeans rose 46 percentage. Prices of palm oil, the world's most consumed cooking oil, reached a 35- calendar month loftier of iii,967 ringgit a metric ton on Feb. 10.
Turmoil in oil-producing countries including Libya has pushed crude above $100 a butt. Higher crude prices brand biofuels produced from crops more than competitive, while raising the cost of tractor fuel and fertilizer for farmers.
Global nutrient prices probably will rise in the first half of this century because of an expanding population and higher incomes, slower crop-yield growth and the effect of climatic change, Ross Garnaut, the Australian government's climate-modify adviser, said terminal week in Canberra.
Corn and wheat are under pressure from supply shortages as climatic change and natural disasters have reduced production, leading to higher food prices, according to Konuma.
"We have to exist extremely cautious about what is going to come up in 2011-2012," Abbassian said. "Spring is going to exist extremely critical, when farmers will decide what crop they're going to plant. In many major producing regions, we have already hitting maximum acreage. Then the state of war is going to go on in terms of acreage."
Wheat production is estimated to total 645.4 one thousand thousand tons, lower than the forecast 662.7 1000000 tons of need for the yr 2010-2011, co-ordinate to the U.S. Department of Agronomics.
Corn output is estimated at 814.iii million tons, compared with 836 one thousand thousand tons of need, while rice production is estimated at 451.6 one thousand thousand tons, slightly above consumption of 451 million tons, it said.
Investments in agriculture to boost output and productivity are important to meliorate nutrient security, Konuma said. About 947 meg people notwithstanding live in poverty in Asia, the FAO says.
Earth food production will have to increment past seventy percent past 2050 to come across increasing demand from an expanding global population, which is projected to rise to 9.1 billion past 2050 from six.9 billion at present, Konuma said.
Rice prices rose to records in January in Republic of indonesia, the quaternary-most-populous nation, prompting the regime to append import duty on the grain, FAO said terminal week. Prices remained at tape highs terminal month in Bangladesh, the largest South Asian rice buyer, because of low inventories, co-ordinate to the study.
North Korea and Afghanistan also face up the risk of food shortages and ascension prices, Konuma said.
Bloomberg.com
Source: https://financialpost.com/investing/record-food-prices-likely-to-remain-fao
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