Thursday, March 29, 2007
Biofuels increasing food prices globally
Biofuels increasing food prices globally
Lester Brown, 21 March 2007, Cherry Creek News
The escalating share of the U.S. grain harvest going to ethanol distilleries is driving up food prices worldwide.
Corn prices have doubled over the last year, wheat futures are trading at their highest level in 10 years, soybean futures have risen by half. A Bloomberg analysis notes that the soaring use of corn as the feedstock for fuel ethanol “is creating unintended consequences throughout the global food chain.”
Food prices are also rising in China, India, and the United States, countries that contain 40 percent of the world’s people. While relatively little corn is eaten directly in these countries, vast quantities are consumed indirectly in meat, milk, and eggs in China and the US.
Read the full report from here @ Cherry Creek News
Lester Brown, 21 March 2007, Cherry Creek News
The escalating share of the U.S. grain harvest going to ethanol distilleries is driving up food prices worldwide.
Corn prices have doubled over the last year, wheat futures are trading at their highest level in 10 years, soybean futures have risen by half. A Bloomberg analysis notes that the soaring use of corn as the feedstock for fuel ethanol “is creating unintended consequences throughout the global food chain.”
Food prices are also rising in China, India, and the United States, countries that contain 40 percent of the world’s people. While relatively little corn is eaten directly in these countries, vast quantities are consumed indirectly in meat, milk, and eggs in China and the US.
Read the full report from here @ Cherry Creek News
Labels: economics, ethanol, food
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