The world is facing a food crisis as the worst US drought in 50 years pushes agricultural commodity prices to record highs.
Corn and soyabean prices surged yesterday, surpassing the peaks of the 2007-08 crisis that sparked food riots in 30 countries. Wheat prices are not yet at record levels but have rallied 50 per cent in five weeks, exceeding prices reached after Russia’s 2010 export ban.
The drought in the US, which supplies nearly half the world’s exports of corn and much of its soyabeans and wheat, will reverberate well beyond its borders, affecting consumers from Egypt to China.
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