From the Economist:
HIGH prices are good for farmers. Low prices are good for consumers. “And we are in the middle,” says Alberto Weisser, the boss of Bunge, a trader of agricultural commodities. After poor harvests in Russia, Canada and Ukraine last year, a recent heatwave in Argentina and floods in Australia that wiped out much of the country’s wheat crop, everyone is grappling with pricey food.
According to the UN’s Food and Agriculture Organisation (FAO), food prices last month surpassed their previous high in 2008. “The situation is not rosy, but there is no reason for panic-buying,” says Abdolreza Abbassian at the FAO.