News

As we address the price of grains and their impact on food prices in 2011, it is important to look at what transpired from 2010 to date.

From January to July 2010, the price of wheat traded relatively flat on the world wheat market. However, prices began an upward climb from August 2010 as a direct result of drought conditions in Russia (see FOB Gulf price chart). With a reduction in their wheat crop by 34%, all exports out of Russia ...

Jamaican consumers may have to absorb what could be a massive 50 per cent jump in the price of flour. A cut in the supply of wheat on the world market, and rising oil prices, have started to influence the cost of the basic consumer item in Jamaica.

“It really depends on the mark-ups along the way, a price from us (Jamaica Flour Mills) will increase by about 50 per cent by the time the consumer sees it. If we sell ...

NEW YORK, NEW YORK, U.S. — The United Nation’s Food and Agriculture Organization’s (FAO) Food Price Index hit a new record high in February, driven mostly by higher prices of cereals, meat and dairy products, the agency said on March 2.

The index rose for the eighth consecutive month, averaging 236 points in February, up 2.2% from January and the highest since January 1990, when the index started.

With the exception of sugar, prices of all other commodity groups monitored registered gains ...

TAMBOV, RUSSIA — According to news reports, First Deputy Prime Viktor Zubkov said on March 2 that Russia may extend its ban on grain exports scheduled to expire at the end of June for the rest of this year.

No decision has been made yet, he told reporters in the central Russian city of Tambov. The government will look at considerations including having “good carry-over stocks to be able to have a grain intervention fund again” before deciding on the measure, ...

WINNIPEG, MANITOBA, CANADA — The Canadian Grain Commission (CGC) announced on March 2 that the maximum shrinkage allowance is fixed at zero at licensed process and transfer elevators effective March 19. This means that licensed process and transfer elevators may not make a shrinkage deduction from deliveries of grain.

“This change is good news for Canadian grain producers,” said Chief Commissioner Elwin Hermanson. “They can now expect consistent deductions when they deliver their grain to any type of elevator licensed by ...