World Grain Reserves Approach Record Lows - Globe & Mail

[hatrack]

"Each year around this time, farmers across the breadbaskets of the Northern Hemisphere hop on their tractors and drive out to their fields, full of hope for the new season's grain crop. For the past four years, their efforts haven't been too successful.

It has been an almost unprecedented run of misfortune: four back-to-back meagre harvests, as heat waves, drought and pestilence took their toll -- something that hasn't happened since at least 1960.

As a result, since the turn of the millennium, the amount of grain held in the world's stockpiles has been falling. At the end of the 2003 harvest, the amount of wheat, corn, rice and other grains had fallen to about 280 million tonnes. In 1999, it was more than 500 million.

That seems like a lot of grain because bakers can make about 2,000 loaves for every tonne of wheat milled into flour. But considering that the grain has to support both the world's human population and its billions of livestock, there is precious little to go around. Measured against consumption, there is enough grain left in the planetary larder to last for only 59 days, one of the lower figures on record. After it is used up, people will go hungry if the next harvest fails."

EDIT

[Ironpost]

1. I'm not a bit surprised

When money comes first, logic leaves.