Food Prices: World Powers Weigh Emergency Meeting

Food Prices(Aug 13, 2012) France, the United States and G20 president Mexico will hold a conference call at the end of August to discuss whether an emergency international meeting is required to tackle soaring grain prices caused by the worst U.S. dro

ught in half a century.A French agriculture ministry official said the call would decide whether to convene the first meeting of the G20’s Rapid Response Forum. The body was created last year to promote early discussion among decision-makers about abnormal market conditions with the aim of avoiding unilateral action.”If the situation requires it, a meeting of the Rapid Response Forum could be called as soon as the start of September,” the official said, adding the forum could hold its discussions in person or by a conference call.”The aim is to talk about the situation and avoid measures like export embargoes which would be damaging for everyone,” he said.Benchmark Chicago corn climbed to an all-time high on Friday after the U.S. Department of Agriculture cut its production estimate by 17 percent, intensifying fears the world is headed for a repeat of the 2008 food price crisis.The conference call will discuss a report on agricultural prices requested by France last month and compiled by the Agricultural Market Information System (AMIS).This system, created last year under France’s presidency of the G20, is designed to share information on crop prices with a view to averting a repeat of the 2007-08 food crisis.

 

Source:http://www.huffingtonpost.com/2012/08/13/food-prices-world-powers-emergency-meeting_n_1771989.html?ncid=edlinkusaolp00000003

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