What's New

Global soybean prices hit an all-time high on Monday in the wake of continuing hot, dry weather across the US Midwest. In addition to pushing prices higher, the drought and subsequent declining soybean stocks and lower expected exports are also causing a period of excessive price volatility in the commodity. It is the first time such a period has been seen for soybeans since December 2010.

The latest USDA World Agricultural Supply and Demand Estimates has been released, citing sharply lowered US production and supply estimates for both corn and soybeans. The reduction in US supplies is expected to impact global supplies and trade as well.

Global soybean production is projected at 267.2 million tons, a decrease of 3.9 million tons that can be attributed largely to lower production in the United States. US soybean exports for 2012/13 have been reduced 115 million bushels to 1.37 billion.

Global maize and soybean prices have skyrocketed in recent weeks and experts fear that price increases will be unabated as dry weather in the US Midwest continues for at least another week.

FEWS NET has released its Food Price Watch for June, citing steadily increasing staple food prices in East Africa. Rising prices in the region are being caused by a combination of dwindling supplies from previous harvests and market interruptions due to conflict; many areas of the region were already seeing alarmingly high food prices.

The Rio+20 Conference last week witnessed the launch of the "Zero Hunger Challenge," an initiative calling for resilient global food systems and adequate nutrition for every individual. The Challenge encompasses five goals:

Achieving 100 percent access to adequate nutrition for every individual year-round.
Ending malnutrition during pregnancy and early childhood.
Making all food systems sustainable.
Increasing the productivity and income growth of smallholder farmers, particularly women.
Achieving zero percent food waste.