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The 2007-08 food crisis saw the international price of staple agricultural commodities (such as wheat, maize, soybeans, and rice) more than double; today the international price of many of these commodities is again on the rise. A common assumption is that as the international price of such commodities increases, the domestic consumer price of basic food items such as bread, flour, wheat, corn, tortillas, and rice will also increase. However, the degree of this transmission may vary from country to country and from commodity to commodity.

The World Bank has released its Food Price Watch for February, citing estimates that suggest an additional 44 million people may have fallen into poverty in low- and middle-income
countries due to the rise in food prices since June 2010. The overall global rise in food prices has been driven by increases in the prices of wheat, maize, sugar, and fats and oils. (Track the rise in global commodities prices and futures prices with agricultural commodities tools )

The USDA Economic Research Service has released its February 2011 reports for wheat, rice, and soybean outlooks. These reports can help inform policy makers of important current issues involving food security, farming, natural resources, and global markets.

Download the February reports below. For more information regarding the USDA ERS reports, visit http://www.ers.usda.gov/

Files:

Corn_Feb_2011.pdf
Oil_Crops_Feb_2011.pdf
Rice_Feb_2011.pdf
Wheat_Feb_2011.pdf

The World Agricultural Supply and Demand Estimates (WASDE) report provides monthly comprehensive forecasts of supply and demand for major U.S. and global crops, supplied by the USDA. Crops covered include wheat, coarse grains, rice, and oilseeds. This report can explain past and current global commodities trends, as well as predict trends for the coming year.

Download the February report below. For more information regarding the WASDE reports, visit http://www.usda.gov/oce/commodity/wasde/

Files:

With all the news of floods in Australia decimating the country’s wheat crop and adverse weather in the US cutting corn and soybean harvests, commodities prices across the globe are again seeing drastic increases, raising fears that we may be witnessing a return of widespread food insecurity and subsequent political and economic turmoil. Moreover, the FAO’s recent statement that global food prices reached a record high in December 2010 has sparked the memory of the crisis in 2007–08 and turned global attention back to the issue of food security.