Food prices may surge next yr on Chinese demand
Updated: 2010-12-22 17:14
Farm-commodity prices including corn will extend rallies next year, driven by increased demand from emerging markets including China, Bloomberg News reported Wednesday, citing Rabobank Groep NV.
There was "rampant demand" for agricultural commodities from China, and rising corn prices may drive gains in other grains, according to a report from analysts at the bank, the report said. Meanwhile, surging crude-oil costs, low global food stockpiles and a weakening dollar may also bolster prices, it added.
Rabobank's predictions forecasted that food costs may surge next year, potentially paving the way for a reprisal of the global crisis of 2008, when prices of advanced to records. Increased Chinese purchasing of crops is "reshaping" some commodity markets, the report said.
The Food and Agriculture Organization's index of 55 food commodities rose for a fifth month in November to the highest level in more than two years, the report said.
China and the world set to embrace the merciful, peaceful year of rabbit
Historical records and Caucasian features of locals suggest link with Roman Empire.
Coastal Yantai banks on little things that matter to grow
The State Council launched a new round of measures to rein in property prices.