Wild times.
"The global food crisis intensified on Tuesday when, Jakarta, one of the world?s biggest wheat exporters halted foreign sales and rice prices shot to a record high after Indonesia stopped its farmers from selling the grain abroad
Indonesia ? which joins Vietnam, Egypt, China, Cambodia and India in banning foreign sales ? was expected to export the grain this year due to a bumper crop. Corn futures prices in Chicago last week hit a record $6.16 a bushel, up 30 per cent in the past three months.
Indonesia?s export ban boosted the price of rice futures in Chicago to a all-time high of $22.17 per 100 pounds, up 63 per cent since January. Wheat prices moved higher to $9.11 a bushel and traders warned prices could rise further as the Kazakhstan ban together with restrictions in Russia, Ukraine and Argentina have closed a third of the global wheat market."
http://www.ft.com/cms/s/0/38cd4d58-0...0779fd2ac.html