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Wednesday, 11 July 2012

Food commodity prices may remain on a higher plateau

According to a recent OECD-FAO Agricultural Outlook,  while international agricultural commodity markets appear to have entered calmer conditions after record highs last year, food commodity prices are anticipated to remain on a higher plateau over the next decade, underpinned by firm demand but a slowing growth in global production.
The report suggests that in addition to population growth higher per capita incomes, urban migration and changing diets in developing countries, as well as rising requirements for biofuel feedstocks, are underpinning demand pressures. At the same time, agricultural output by traditional exporting developed countries has been slow to respond to higher prices in the last decade.
Higher demand will be met increasingly by supplies that come to market at higher cost. With farmland area expected to expand only slightly in the coming decade, additional production will need to come from increased productivity, including by reducing productivity gaps in developing countries.

Source: FAO