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World Bank: Food prices at “dangerous levels”

February 16, 2011 Comments off

Global food prices have hit “dangerous levels” that could contribute to political instability, push millions of people into poverty and raise the cost of groceries, according to a new report from the World Bank.

The bank released a report Tuesday that said global food prices have jumped 29 percent in the past year, and are just 3 percent below the all-time peak hit in 2008. Bank President Robert Zoellick said the rising prices have hit people hardest in the developing world because they spend as much as half their income on food.

“Food prices are the key and major challenge facing many developing countries today,” Zoellick said. The World Bank estimates higher prices for corn, wheat and oil have pushed 44 million people into extreme poverty since Read more…

Mexico’s Big Freeze – 80-100% of Crops Damaged, Expect Shortages and Higher Prices

February 11, 2011 1 comment

Kevin Hayden

I received an email from a reader regarding Mexico’s freeze damage over the last few weeks.  In summary, large-scale producers of foods, such as Sysco, have sent out emails to major vendors explaining that there might be shortages of row crop foods due to freezing temperatures that hit Mexico.  It goes on to say that Florida is normally the ‘Plan B’ as they grow many of the same varieties, but they’ve been hit hard by freezes as well and have lost most of their orange orchards.

It also details that expected shortages could be counted on 30-60 days from now and that Mexican farmers are still unsure of their next step – do they they try and quickly replant, hoping for a late March-April yield?  Or disc the fields and wait?  Other information coming in states that many of these crops have doubled, tripled or even quadrupled in price.  For example, a carton of tomatoes went from $6.95 all the way up to $22.95 in one week.  And that’s just one example!

This WILL affect your food cost and supply.  If you’re not going to your local farmer’s market, now is the time to make friends and Read more…