A fast-unfolding food shortage is engulfing the entire world, driving food prices to record highs. Over the past half-century grain prices have spiked from time to time because of weather-related events, such as the 1972 Soviet crop failure that led to a doubling of world wheat, rice, and corn prices. The situation today is entirely different, however. The current doubling of grain prices is trend-driven, the cumulative effect of some trends that are accelerating growth in demand and other trends that are slowing the growth in supply.
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