The UN’s Food Agency has stepped up pressure on the United States to change its biofuel policy due to fear over a World Food Crisis.
40 percent of the US corn crop is currently used for biofuel to meet renewable energy targets.
The Food and Agriculture Organisation (FAO) says the US should prioritise growing crops for food rather than for fuel as the US mid-West is facing its worst drought in over half a century.
The U.S. Department of Agriculture has slashed its estimates for the size of the corn crop by more than expected, sending corn futures prices to an all-time high. This follows years of accusations that biofuels drive up the price of corn oils , and the grain needed to produce them to the detriment of global food security.
Since January the price of corn has risen by 19.5 percent, wheat prices have risen by 25.8 percent and rice by 7.7 percent.
The global shortage of these commodities has been caused partly by drought and extreme heat in some parts of the world. While crops elsewhere as in parts of Asia have been wiped out due to severe flooding.
These cereals are also used to feed livestock so this also has a knock-on effect for the price of meat. For every kilogram of beef produced you need around seven kilograms of animal food. 36% of the worldwide grain harvest is used for animal food in developed Western countries.
After the financial crisis, investors found security in raw materials that was lacking in financial products. Trade in agricultural markets has increased as well and speculators have profited by buying and selling large quantities of these goods.
No measures were taken at last summer’s G20 meeting, despite complaints by the former French President, Nicolas Sarkozy:
“Who can accept, while there is not enough to feed the planet and the evolution of the planet, that financiers are exchanging 46 times the physical volume of world wheat market?” He said.
On Sunday August 12 on the last day of the Olympic games, British Prime Minister, David Cameron, has scheduled a conference on hunger in London. But will this make any difference on to how we produce and distribute food in the future?
- 1German police make progress in profiling of Andreas Lubitz
- 2“I hope I never return to a locked door”: Pilot who foresaw Germanwings crash
- 3Lufthansa fears second Germanwings black box may never be found
- 4Germanwings: Terrifying transcripts of doomed plane’s ‘last minutes’
- 5Istanbul: Police negotiate with gunmen who’ve taken prosecutor hostage
- 1Prosecutors believe co-pilot deliberately flew Germanwings jet into mountain
- 2‘One day the world will know my name’, Germanwings co-pilot Lubitz ‘declared’
- 3Germanwings: Terrifying transcripts of doomed plane’s ‘last minutes’
- 4Andreas Lubitz: Torn-up sick note for day of crash is found at home of Germanwings co-pilot
- 5Amazement in the hometown of Germanwings co-pilot Andreas Lubitz
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Russian rumour mill suggests Putin suffering poor health | euronews, world news
- 3Slovenia becomes 11th EU nation to approve gay marriage | euronews, world news
- 4[LIVE] Germanwings passenger jet crashes in southern France, 148 people on board – authorities | euronews, world news
- 5Exclusive: CIA and Mossad are behind Boko Haram and ISIL, says Sudan president | euronews, world news
- 6International news | euronews, latest international news
- 7Indian rapist says women to blame for being sexually assaulted | euronews, world news
- 8French Alps plane crash treated as suicide and mass murder by co-pilot | euronews, world news
- 9eurovibes - a selection of Europe’s best music talent
- 10Why is Bulgaria the EU’s most unhappy country? | euronews, world news
- 11Greece’s claim for war reparations from Germany explained | euronews, world news
- 12Reaching new heights: Parents in India scale walls to ‘help students cheat’ | euronews, world news
- 13French prosecutor: Germanwings co-pilot appears to have crashed plane deliberately | euronews, world news
- 14Manufacturing jihad – Nicolas Hénin explains what he learned about ISIL | euronews, the global conversation
- 15Germanwings press conference mystery: what wasn’t he supposed to say? | euronews, world news
- 16Which EU country has the biggest gender pay gap? | euronews, world news
- 17Romania left red-faced after France-Germany map gaffe | euronews, world news
- 18How much sugar should you eat? | euronews, world news
- 19European Union News | euronews: latest breaking news and headlines about European Union
- 20International breaking news | euronews online world breaking news in video
Wires > News
- 06:16 CET Turkey detains nine Britons crossing into Syria
- 06:08 CET Death toll rises to 54 after Russian trawler sinks in Western…
- 05:58 CET Hong Kong court adjourns British banker murder case for five weeks
- 02:09 CET From brides to battlefield, women taking up new roles with Islamic…
- 01:08 CET Southeast Asia faces increasingly intense climate events – analysts
- 00:32 CET Oil platform fire toll in Gulf of Mexico: 4 dead, 302 evacuated
- 23:47 CET Islamic State seizes vast Damascus refugee camp
- 22:39 CET Canada says cost of anti-ISIS mission to be least C$528 million