Wednesday, September 22, 2010

[wvns] WORLD'S BACKUP GRAIN SUPPLIES DOWN TO 72 DAYS

WORLD'S BACKUP GRAIN SUPPLIES DOWN TO 72 DAYS
THE PROGRESSIVE REVIEW
news@prorev.com


Estimates for this year's global grain carryover stocks have fallen to 444 million tons, according to the U.S. Department of Agriculture's August 12th World Agricultural Supply and Demand Estimates report. This amount of grain remaining in the world's silos and stockpiles when the next harvest begins is enough to meet 72 days of consumption.

"This drop in world carryover stocks of grain to 72 days of consumption is moving us uncomfortably close to the 64 days of carryover stocks in 2007 that fueled the 2007-08 spike in world food prices," says Lester R. Brown, president of Earth Policy Institute.

A searing record heat wave, severe drought, and relentless wildfires in Russia and Central Europe have decimated the region's harvests. . .
"Rising temperatures and food security do not mix," notes Brown. "The situation in Russia gives us a preview of what could be in store if we continue to overheat our planet."

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