Natural Disasters Boost Food Prices

Natural Disasters Boost Food Prices

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Caused dramatic increase is mainly the weather provided the international hot money speculation space.

Department of State Information Center forecasts the world economy expert Nan Zhang Mo acceptance "Liao Wang" news the business weekly said, the financial crisis, including food commodities markets, including the economy is not very much, but poor weather conditions since the beginning of summer a lot of grain-producing countries, on the grain yield reduction and the expected increase in food prices, international hot money opportunity to push prices of agricultural products.

The severity of meteorological disasters, to a large extent determine the grain harvest, the level of quality and cost advantages and disadvantages, including drought, low temperature two types of meteorological disasters, the World Food stable restricting output one of the main obstacles, even accounting for the loss of drought food weather disaster losses about 60% of the total.

The world's third largest wheat exporter, Russia, June has the rare experience abnormal high temperature and dry weather continued, the main grain producing areas Bacheng crops withered, the 27 federal subjects declared a state of emergency, more than 1000 million hectares of crop yields and crops. 10 million hectares suitable for farming land in the Russian equivalent of 20%.

Following the August 5 export ban, Putin on the 9th session of the Bureau, the Government reiterated by continuous high temperature effects of drought, the government will not Henkuaiquxiao grain export ban, but the ban may be extended to 2011.

Putin also said that the Russian Ministry of Agriculture's latest forecast, Russia's grain output this year was 60 million ~ 65 million tons. This is the third time the Ministry of Agriculture reduced the annual grain production forecasts.

Bad weather hit targets more than one country, Russia. Another major exporter of wheat to Ukraine for several weeks has been subjected to heat and drought, suffering, Ukraine has canceled a number of single wheat export contracts. Has further exacerbated the concerns of the tight supply of wheat, as restrictions on exports to Ukraine in early 2008, boosting the price of wheat has soared to record levels. According to reports, although the drought-stricken Ukraine and the other as a major wheat exporter, said Kazakhstan would not have issued the export ban, but a study agency said the Russian Black Sea region may be required to follow the example of Russia and other grain-producing countries prohibit the export practices to exclusive supply of cereals in these countries. Especially under the pressure of Kazakhstan in the Russian ban exports to countries outside the CIS, despite the Kazakh government had denied this possibility.

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