QUICK
FACTS OF THE WEEK:
- In
the past 12 months, the global corn price has doubled. - Because
corn is the most common animal feed, this affects the price
of milk, cheese, eggs, meat, as well as corn-based sweeteners
and cereals. - In
the U.S., milk prices have nearly doubled. - Butter
prices in Europe have spiked by 40%. - Pork
prices in China are up 20%. - In
Mexico there have been riots in response to a 60% rise in the
cost of tortillas. - In
six of the past seven years, global grain consumption has exceeded
production. As a result world grain reserves have dwindled to
57 days. This is the lowest level of grain reserves in 34 years. - While
the UN lists 34 countries as needing food aid, 30% of next year’s
grain harvest in the U.S. will be converted to ethanol to fuel
cars.