The Great Wheat panic of 2007 saw global prices shoot up by over 92% during the year. Rice and corn prices also rose as sharply. Food riots have been reported from Kolkata to Namibia, Zimbabwe, Morocco, Uzbekistan, Austria, Hungary and Mexico. According to Food and Agricultural Organization 854 million people go hungry around the world. This situation is going to worsen in 2008.
Global consumption of wheat and rice has outstripped production for the past 7 years running except in 2006-07.Production is growing but population is growing faster. Global wheat stocks were down to 107 million MT in 2007 compared with over 197 million MT in 2001; rice stocks were just 71 million MT compared with 136 million MT.All this means that the future supply of both wheat and rice is becoming more uncertain.
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