What The Threat Of A Global Food Crisis Means For World Markets

What The Threat Of A Global Food Crisis Means For World Markets

by Bill Witherell

The global food crisis of 2007-2008 is threatening to repeat in the coming months, as the worst drought in 50 years devastates the US corn crop, with 51% of the crop rated "Poor/very poor" by the US Department of Agriculture. This crop is said to be on a par with that of 1988 crop, the worst in the past thirty years. Note that the US is the top producer and exporter of corn. Our  account for nearly half of the world's corn and also a third of the world's soybeans, the harvest for which will be the lowest in five years. The director-general of the UN's Food and Agriculture Organization, José Graziano da Silva, characterizes the present global food situation as "precarious," as do experts we have contacted.http://www.businessinsider.com/what-the-threat-of-a-global-food-crisis-means-for-world-markets-2012-8?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+clusterstock+%28ClusterStock%29&utm_content=Google+Reader