Category: WM Special

“Wheat and milk prices have surged to all-time highs while those for corn and soya beans stand at well above their 1990s averages. Rice and coffee have jumped to 10-year record and meat prices have risen recently by up to 50% in some countries.“ The world is gradually losing the buffer that it used to have to protect against big swings [in the market],” says Abdolreza Abbassian, Secretary of the Grains Trading Group at the UN’s Food and Agriculture Organization. “There is a sense of panic. (…) The FAO estimates that those structural new trends will help to push the cost of agricultural commodities in the next decade between 20 and 50% above their last 10-year average. This is a problem for economies where food represents a significant share of their import payments. The International Monetary Fund says higher food prices are hurting poorer nations in Africa, such as Benin and Niger, as well as a number of countries in Asia, from Bangladesh to China itself, and parts of the Middle East.” Financial Times

A long-held basic human right, the right to adequate food for the world’s 854 million hungry people, is being threatened once again – this time by the conversion of wheat, sugar, palm oil and maize into agricultural fuel. A crime against humanity.

A raft of new studies reveal European and American multibillion dollar support for biofuels is unsustainable, environmentally destructive and is much more about subsidizing agribusiness corporations than combating global warming.

Not long ago, the rich world was used to cheap food and big surplus. Not anymore. For the first time in several decades, food prices − from rice to corn, from milk to meat − are worrying many countries. Some governments, afraid of social unrest, are already controlling the market. It is the case of Russia and China. The rise of prices has already caused protests in Italy and riots in Mexico, and is a growing threat to the poor of the Earth.