Saturday, January 15, 2011

Global food supply strained to its limits

Three quotes that stood out to me: "

The U.N.'s fear is that the latest run-up in food prices could spark a repeat of the deadly food riots that broke out in 2008 in Haiti, Kenya and Somalia. That price spike was relatively short-lived. But Abbassian said the latest surge in food stuffs may be more sustained."

"Situations have changed. The supply/demand structures have changed,” Abbassian told the Australian Broadcasting Corp. last week. "Certainly the kind of weather developments we have seen makes us worry a little bit more that it may last much, much longer. Are we prepared for it? Really this is the question."

""I haven't seen numbers this low that I can remember in the last 20 or 30 years," said Dennis Conley, an agricultural economist at the University of Nebraska. "We are at record low stocks. So if there any kind of glitch at all in the U.S. weather, supplies are going to remain tighter and we might see even higher prices."

Even if you're not a believer in the story of Joseph in the Bible (the seven years of plenty followed by seven years of famine) I hope you'll take a look-see at what's happening around you and plan accordingly.  Food is cheap insurance, as some people like to say. :)

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