Another jolt to global food prices

For anyone doubting the importance of American agriculture to world markets, the latest price report from the United Nations Food and Agriculture Organization will be revealing. The agency reported on Thursday that its food price index jumped by 6 percent in July. That was largely because of rising grain prices, with the drought in the United States and its expected impact on the corn harvest being the biggest factor. The cereals component of the index jumped 17 percent.
 

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