01.04.08 Food Shortages, Higher Prices Ahead?

FOOD:
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FORGET OIL, THE NEW GLOBAL CRISIS IS FOOD, Alia McMullen, National Post. "A new crisis is emerging, a global food catastrophe that will reach further and be more crippling than anything the world has ever seen," said Donald Coxe, global portfolio strategist at BMO Financial Group.
...The article says raw food prices have gone up 22% over the past year. Wheat is up 92% and corn 44% in the past year. As more farmers convert their acreage to corn to be used as biofuel at the expense of food grains with our government's encouragement and our money, that trend doesn't look to reverse anytime soon.
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HIGHER FOOD PRICES START TO PINCH CONSUMERS, (Wall Street Journal online). People are starting to feel the effect of the biggest jump in food prices in 17 years.
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Laying in some extra food and water not only will provide a much needed cushion in emergencies, but also can be considered a sound and safe investment, that is unless you think food prices are going to go down in the next year or two.
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