"Oil is setting record high prices. People are rioting over the price of food in Haiti, Egypt, parts of West Africa and the Philippines. Since March 2007 the price of soybeans is up 87%, and the price of wheat has risen 130%. Global grain stores are at the lowest levels on record. Amid this turmoil the International Assessment of Agricultural Knowledge, Science and Technology for Development (IAASTD) released its report this week on the state of agriculture.
From farmpolicy today:
“The Midwest faces plunging crop prices [December corn futures, November soybean futures, December wheat futures] and stubbornly high production costs. Corn prices have dropped from $7.54 a bushel around July Fourth in central Iowa to just $3.81 a bushel on Tuesday. But growers are hearing from suppliers that fertilizer and seed costs could rise by more than 40% each for next spring’s plantings.”