Protracted High Food Prices Warning at USDA Outlook

A warning that the world faces a protracted period of extreme food prices at the 2011 USDA Outlook Forum in Washington is likely to raise global concerns about rising inflation and the potential for destabilizing food riots in developing countries.

Joseph Glauber, USDA chief economist, told the audience at the 2011 USDA Outlook Forum in Washington that in spite of higher planting for corn and soyabeans this spring, grain and oilseed markets were “still forecast to be tight” in 2011-12 due to strong export and biofuel demand. Ethanol consumes about one-third of America’s corn crop. Powerful agricultural lobbyist have pushed for the percentage of ethanol in gasoline to increase from 10 percent to 15 percent.

The conference in 2011 is held February 24-25 at tht eCrystal Gateway Marriott Hotel in Arlington, Virginia.

In addition to Joseph Glauber, Chief Economist of the USDA, plenary speakers included Tom Vilsack, Secretary of Agriculture, former President Bill Clinton, Senator Debbie Stabenow, Chairwoman of the Senate Committee on Agriculture, Nutrition and Forestry, Kathleen Merrigan Deputy Secretary of Agricluter

See the Agricultural Outlook Forum webiste ...