Indonesia bans wheat exports. Food crisis intensifies
 

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

that's pretty dire... I know bread prices have seriously gone up here, I guess the price of rice will too :disgust

During the 90s the farmers were producing far too much in the EU and had to cut down. They are back in speed again here so things will hopefully even out. At least here in Denmark and the rest of Scandinavia.


Mike