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?
- 1Egyptian billionaire offers to buy Mediterranean island to house refugees
- 2Day of chaos hits Hungary as migrants march to Austria
- 3Father of Syrian boy washed up on Turkish beach recalls boat horror
- 4Aylan Kurdi: the boy whose picture broke the world’s heart
- 5Artist pays tribute to Aylan Kurdi and Good Samaritan
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International breaking news | euronews online world breaking news in video
- 3Caught red-handed: the Russian Major fighting in Ukraine
- 4Video footage shows massive explosion in Tianjin, China
- 5Ukraine puts top Russian general Gerasimov on ‘most wanted’ list
- 6Why World Elephant Day matters
- 7Momentum for Mars: Astronauts say mission is inevitable
- 8Latest News Bulletin
- 9Who came out top in the US Republican television debate?
- 10UK: at least 7 dead after plane crashes into road in Brighton
- 11Snowden, Assange and Manning statues unveiled in Berlin
- 12Virginia:TV journalist and cameraman shot dead live on air
- 13ISIL militant group claims to have killed Croatian hostage in Egypt
- 14Earth Overshoot Day…Pushing Mother Nature too far
- 15Windows 10, three weeks on: the good, the bad and the ugly
- 16Bringing the trolls out of the dark: Russian ‘troll’ awarded 1 rouble damages
- 17As ‘Daily Show’ Jon Stewart’s tenure ends, scholars say goodbye to their research topic
- 18European Union News | euronews: latest breaking news and headlines about European Union
- 19International news | euronews, latest international news
- 20Scientists find sinkhole cave under Mexico’s Kukulkan Castle Pyramid
Wires > News
- 01:50 CET Druze leader killed in car bomb in southern Syria – monitor
- 01:19 CET Saudi Arabia satisfied with Obama’s assurances on Iran deal
- 00:50 CET Pakistani nationals extradited to U.S. in narco-terrorism case
- 23:26 CET Saudi Arabia welcomes Iran nuclear deal after Obama meeting -…
- 22:26 CET Thousands rally in Beirut over politician’s presidential election…
- 21:32 CET North Korean karaoke stirs fear of mass propaganda sing-along in…
- 21:09 CET German U.N. official seen as favourite for Libya post – envoys
- 20:48 CET From Vietnam War to a Turkish beach, the shock of the photo endures