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US, France and Mexico considering G20 emergency meeting to address soaring grain prices

Tuesday, August 14th 2012 - 22:10 UTC
Full article 3 comments
US corn production estimated to be down by 17% because of the drought US corn production estimated to be down by 17% because of the drought

US, France and Mexico are planning talks to consider whether an emergency meeting is needed to tackle the soaring price of grain. The three will hold a conference call at the end of this month after the worst US drought in 50 years threatens to cause a sharp rise in the cost of staple crops.

The call will decide whether to convene the first meeting of the newly-formed G20 Rapid Response Forum, which was formed to promote united action.

A French agriculture ministry official said: “If the situation requires it, a meeting of the Rapid Response Forum could be called as soon as the start of September. The aim is to talk about the situation and avoid measures like export embargoes which would be damaging for everyone.”

Last week the price of benchmark Chicago corn closes at an all-time high after the US Department of Agriculture cut its production estimate by 17%.

Four years ago spikes in the price of food triggered riots in 12 countries, including Egypt, and prompted Russia to ban wheat exports to conserve its own stocks.

The conference call will discuss a report on agricultural prices requested by France which was compiled by the Agricultural Market Information System (AMIS). France is currently the president of both the forum and the AMIS system, which is based at the UN Food and Agriculture Organisation (FAO).

The FAO food index last week was reported to have risen above the record registered in 2008 after jumping 6% in July.

The forum has no formal power to impose decisions on member states, but it is hoped that discussions will discourage countries from taking unilateral actions.

Top Comments

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  • PirateLove

    no doubt scrote-throat will want her thinly veiled expansion campaign to be top of the agenda above food crisis, i wonder what she will accuse the UK of this time?

    Argentina has Accused UK of:

    deploying nuclear weapons on & near the Falklands
    hostile acts of vandalism at Falkland cemetery
    militarization of the South Atlantic
    killing civilians over olympic advert
    expelling Argentines from The Falklands
    treating Falkands as 'last refuge of declining empire'
    Sending ‘Uniform of the Conqueror’ as Prince William Heads to the Falklands
    Bullying over “dauntless” deployment
    using the Falklands as a distraction from economic woes
    acting ‘aggressively and provocatively’ by deploying Prince William
    controlling the south atlantic.
    not respecting the UN
    illegally occupying the islands
    wanting to attack argentinas territory.
    taking argentines resources

    All the above are Argentinas blatant lies,Propaganda and plain old populism by the corrupt decling peronist government of Argentina,
    any argentine or their followers wish to provide SOLID evidence to back up ALL the above accusations be my guest,otherwise it is what it is “Bullsh1t” and always will be.

    Aug 15th, 2012 - 12:11 am 0
  • Captain Poppy

    I find it hypocritical that as Argentina makes thoses claims, that they are the ones guilty of it all. They are:
    *Seeking to buy nuclear techology from the chineese
    *vandalizing the cemetary by politicizing it in a commercial
    *Militarizing the South Atlantic, they showed off (albiet a joke) their jet
    *Denying Bristish flagged vessels in port
    *Bullying by ambushing William Hague and publicly harrassing him
    *Creating nationalism to avoid the luming collapse
    *Not respecting the UN by using it as a podium
    They will continue to bang the drums until someone gives them a strong ass whipping. I sincerely believe that they have more false courage now that fat man chubby took over Mersosur. In fact they both need a serious ass kicking and be told to get in line in the world order or ceases to exist.

    Aug 15th, 2012 - 04:01 pm 0
  • British_Kirchnerist

    Hope theres another G20 meeting, another chance for Cristina to shine on the world stage. And seriously this food crisis should be discussed

    Aug 15th, 2012 - 06:46 pm 0
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