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panic wheat buying raises fear for food prices
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extremely tight world wheat supplies led to panic buying of the commodity on world markets yesterday, driving up prices to record heights and stoking fears of inflation in food prices. wheat was fetching the unprecedented price of $7.54 a bushel yesterday, according to the chicago board of trade, as canada warned of a 20 per cent smaller harvest and import-reliant japan and taiwan moved fast to shore up stocks. the international grains council is predicting a seven million tonne shortfall in wheat supply to meet demand in 2007-8, as it downgraded its harvest estimates to 607m tonnes. according to the financial times of london, food industry group are warning that there will be short term spikes in meat, poultry and dairy prices as animal feed costs are passed on to consumers. food industry executives warned that meat, poultry and dairy prices would climb in the short term as farmers and processors pass on costs. alex waugh, director-general of the uk flour milling association, said: "wheat costs for flour millers in the uk now stand some £500m higher than last year. this has yet to come through in wholesale or consumer prices." rising food prices have been attributed to surging interest in biofuels, provoking an ethical debate over whether it is appropriate to use grain for fuel when people in poor countries are starving. but consultancy frost & sullivan said in a market insight published this week that although pasta prices have been on the up, for wheat "the link to ethanol production is less tangible at present". food producers can pass on high crop prices to consumers, whereas biofuel producers do not have the same luxury, according to frost & sullivan, which says price will ultimately be the regulating factor in the market. but report author robert outram concluded: "certainly there is a place for biofuels in the global energy market, but food will always come first." in june the chinese government imposed a ban on grains needed for food production being used for biofuels in that country. the frost report calls the relationship between animal feed, food for human consumption and biofuel feedstock a delicate one, and said that there are many factors influencing price and demand. to some extent in the feed sector there is flexibility to substitute one grain for another, cheaper one if prices become prohibitive in this least-cost driven market. but in food the same is not always possible. for instance, corn prices have driven up the cost of the staple food tortilla in mexico, and poorer people have had to go without.
Source :Food Ingredients Food Science - Additives, Flavours, Starch
Date :
24
August
2007
Category :
Grains,Cereals And Oil Seeds a
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the notion of going green, buying organic, and sourcing free trade products is gathering momentum in australia and around the world, but research released in australia suggests the added expense remains a significant deterrent. business information analysts ibisworld decided to test the theory that sustainable grocery shopping was too expensive, revealing that, while the ‘organic’ food shopping basket was 70% more expensive, there are a host of cost-effective ‘green’ options.
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farm commodity prices have fallen from their record peaks of two years ago but are unlikely to drop back to their average levels of the past decade, according to the annual joint report from the oecd and the un food and agriculture organization (fao). the oecd-fao agricultural outlook 2010-19 sees average wheat and coarse grain prices over the next 10 years between 15-40 percent higher in real terms (adjusted for inflation) than their average levels during the 1997-2006 period.
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food manufacturers, in creating quality products, must be mindful of the potential choking hazards associated with their products, says intertek. the global food quality and safety analysts said that a training seminar they are hosting at their us facility in october provides in depth analysis and understanding of crucial food safety issues related to choking and choking prevention.
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the european parliament will today debate whether measures should be introduced to ensure retailers do not take advantage of the continuing rise in food prices. the group of the european people's party (christian democrats) and european democrats in the european parliament (epp-ed) have called for the debate in order to protect farmers and consumers from feeling the brunt of the rapid increase in raw materials for food and animal feed.
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it may be a lucrative time for farmers, but the continuing boom in grain and meat prices will put the squeeze on plant managers to find ways to cut costs out of their supply chains. grain prices in particular have surged over the past year with us wheat export prices up by 30 per cent and maize by about 67 per cent, according to the latest commodity forecast report by the european commission.
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a deadly outbreak of avian flu in turkey is spreading westward, with health officials confirming that a further three human cases have been found in the capital ankara on sunday, along with infected domestic fowl. with a total of 21 people from the istanbul and ankara area currently in hospital and three dead in a village to the east consumer fears over bird flu virus and the safety of europe's poultry flock has intensified.
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eurofins scientific has launched what it calls the first test available for determining whether food has been infected with the avian flu virus. the company says it is offering the testing service due to a demand from some food industry customers. the test detects the presence of the bird flu virus strain h5n1, known as avian influenza. "although it fully agrees with the european food safety authority (efsa) statement from its press release on 26th october 2005 where it says that 'whilst it is unlikely that h5n1 could be passed onto humans by raw meat or eggs, cooking food properly would inactivate the virus and eliminate this potential risk', some customers still demand testing of certain raw products to reduce the risk of consumers and employees to almost zero," eurofins stated yesterday.
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german officials are hoping to avert a full european union ban on german organic foodstuffs that may be contaminated with a cancer-causing chemical after belgium passed emergency laws to do just that. german regional agriculture officials held an emergency meeting in berlin to review the scare over chicken feed tainted with the potentially carcinogenic herbicide, nitrofen, which is banned throughout the european union.
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Coca.Cola
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PEPSI
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Mcdonald
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Nestle
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Mars
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Baskin & Robins
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Nutrika
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Mumika
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Chika
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