[News] Wheat prices hit record highs
Wheat
The price of wheat has reached record highs after Kazakhstan
announced export tariffs to limit supplies being sold overseas.
Similar restrictions have already been announced by Argentina and
Russia and other countries have outright bans. This report from
Clare Lighton:
Listen to the story
Market prices for wheat have doubled in the last year and global
stocks have fallen to their lowest point in thirty years. Supplies
have dwindled because of poor harvests caused by drought or
flooding, and to ensure food supplies, many governments have
placed restrictions on wheat exports.
Demand is growing because of population growth and increased
wealth in developing countries like China and India. High income
growth in these countries means consumers with a bigger appetite
for meat, dependent on grain and other foodstuffs previously
considered luxuries.
And in developed countries like the US many farmers are being
persuaded to switch to growing bio-fuels instead of wheat. 40
million tonnes of maize in the US are now used to make the
bio-fuel ethanol, and farmers receive hefty subsidies to grow it.
There are other factors too that contribute to price rises, and
market speculation is one of them. At a time of widespread fears
of an economic slowdown, food commodities like wheat and corn are
seen as a good safe bet because they are likely to ride out any
recession when other investments might not.
http://www.bbc.co.uk/worldservice/learningenglish/newsenglish/witn/2008/02/080229_wheat.shtml
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