The challenge of improving food supply

Food will become the new gold in a world where convergence of many events has affected the global food supply and the food market causing an upward spiralling of food prices. The world market prices of wheat, corn, rice and barley have all seen a sharp increase in price in recent times. This unprecedented price increase is a result of changes in both the supply and demand. The reasons for these changes are numerous. There have been shortfalls in grain production by the major producers mainly due to variability of weather. The recent extensive use of grains such as corn for biofuel production and the escalation of energy costs have contributed to the increase in the global food prices. In Asia, adverse weather conditions and the increased rice consumption both in China and India, have resulted in an increase in the price of rice in the region.