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By Elisabeth Rosenthal Published: December 17, 2007
ROME: In an "unforeseen and unprecedented" shift, the world food supply is dwindling rapidly and food prices are soaring to historic levels, the top food and agriculture official of the United Nations warned Monday.
Diouf blamed a confluence of recent supply and demand factors for the crisis, and he predicted that those factors were here to stay. On the supply side, these include the early effects of global warming, which has decreased crop yields in some crucial places, and a shift away from farming for human consumption toward crops for biofuels and cattle feed.
By Feiwen Rong
Dec. 18 (Bloomberg) -- Wheat futures gained in Chicago on expectations demand is increasing at a time of shrinking global stockpiles. Corn and soybeans declined as recent advances may have been overdone.
In all honesty, I think the problem has less to do with ethanol production than you think. Brazil makes their ethanol out of sugar cane, so there are alternatives to using corn if we find that ethanol production is causing hunger. However, we have such vast corn surpluses it's disgusting.