Quick Facts:
- In the past 12 months, the global corn price has doubled.
- Because corn is the most common animal feed, this affects the price of milk, cheese, eggs, meat, as well as corn-based sweeteners and cereals.
- In the U.S., milk prices have nearly doubled.
- Butter prices in Europe have spiked by 40%.
- Pork prices in China are up 20%.
- In Mexico there have been riots in response to a 60% rise in the cost of tortillas.
- In six of the past seven years, global grain consumption has exceeded production. As a result world grain reserves have dwindled to 57 days. This is the lowest level of grain reserves in 34 years.
- While the UN lists 34 countries as needing food aid, 30% of next year's grain harvest in the U.S. will be converted to ethanol to fuel cars.
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