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?
Copyright © 2015 euronewsMore about:
- 1“Positive signs” Greece will work together with lenders to reach deal
- 2euronews sees damage first-hand in government-held city under rebel fire in Luhansk
- 3At least 27 dead in militant attacks in Egypt’s North Sinai province
- 4Israel blames Iran for deadly clash on Lebanese border
- 5What’s the link between WW1 and Hungary’s 675,000 new citizens?
- 1Japan and Jordan join forces to secure release of two of their nationals from the hands of ISIL
- 2Mexico says 43 missing students were definitely murdered
- 3Russia is accused of ‘financing illegal armed groups’ – Council of Europe
- 4A very academic cabinet, Tsipras government sworn-in
- 5Ukrainian rebel attacks on city of Mariupol are condemned by the UN as a war crime
- 1Greek elections: SYRIZA on course to win, but may fall short of majority
- 2German men ‘can use toilet while standing’, judge rules
- 3Captured Ukraine troops forced to face angry crowd after Donetsk bus stop shelling
- 4No word on Japanese hostages after ISIL deadline passes
- 5Thailand: Army urges respect for Yingluck Shinawatra impeachment
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2The power of the pen: Cartoonists worldwide react to the Charlie Hebdo attack | euronews, world news
- 3Immigration, racism in sport and the rise of extremism – Cantona shares his views | euronews, interview
- 4[LIVE] 12 dead after gun attack at French satirical weekly Charlie Hebdo | euronews, world news
- 5[LIVE NOW] Massive unity rally in Paris, with similar marches in other French cities | euronews, world news
- 6Muslim groups fear backlash after terrorist attacks in Paris | euronews, news
- 7[LIVE] Confusion over reports two killed in Paris shootout, as police close in on Charlie Hebdo suspects | euronews, world news
- 8“ISIL is the baby of George W Bush” | euronews, news
- 9Medieval Bruges is to get its own underground beer pipeline | euronews, world news
- 10Almost four million turn out for unity rallies across France | euronews, world news
- 11International breaking news | euronews online world breaking news in video
- 12NewsWires : euronews : the latest international news as video on demand
- 13A defiant Charlie Hebdo: it’s not the front page the terrorists would’ve wanted | euronews, world news
- 14Key questions around the Charlie Hebdo killings go unanswered | euronews, world news
- 15Getting to know Sir Tony and “the world’s greatest tenor” | euronews, musica
- 16HarperCollins wipes Israel off the map | euronews, world news
- 17euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 18eurovibes - a selection of Europe’s best music talent
- 19Grim task of retrieving bodies after wreckage of missing AirAsia plane found | euronews, world news
- 20Charlie Hebdo: Israeli paper deletes women from Paris march | euronews, world news
Wires > News
- 05:44 CET Canada spy agency given more powers to disrupt terror attacks -…
- 04:21 CET Babies found alive in rubble after truck blast rips through Mexico…
- 02:33 CET Islamic State’s Egypt wing claims deadliest attacks in months -…
- 23:47 CET Man wielding pistol arrested at Dutch national broadcaster
- 22:59 CET U.S., Colombia arrest 17 accused of shipping cocaine from Venezuela
- 22:34 CET African Union backs plan for regional task force to fight Boko…
- 22:21 CET Argentine investigator into Jewish centre bombing buried
- 22:17 CET France’s Le Pen would lead first round of 2017 presidential vote -…