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FEWS NET has released its Global Price Watch for August, citing slightly declining prices in some regions of East Africa and continued high staple food prices in Central America.

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In June, the US Senate voted in favor of a deal to end a 45-cent-per-gallon subsidy for the ethanol industry, as well as a 54-cent-per-gallon ethanol tariff. Originally decried by Agriculture Secretary Tom Vilsack as a move that would cost American jobs, lead to less choice for consumers, and further dependence on foreign oil sources, the proposal is seen as progress by those who fear that using crops for fuel can destabilize the food and feed markets and lead to higher food prices.

The USDA Economic Research Service has released the latest global outlooks for wheat, rice, feed crops, and oil crops.

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GIEWS has released its latest Global Food Price Monitor for August 2011. According to the report, international wheat prices have continued their three-month decline, while international rice prices continue to rise. Cereals prices in Eastern Africa remain generally high, with several countries seeing new peaks.

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After two consecutive seasons of poor rainfall, the Horn of Africa is experiencing the region's worst drought in 60 years. Drought conditions have led to widespread crop failure and livestock deaths, as well as increasing food prices. Somalia now faces famine conditions in the southern part of the country.