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China grain hoard fears help lift wheat
OTTAWA - Wheat prices hit a 30-month high Monday on weather worries and increased demand from the politically volatile Middle East and North Africa, with one analyst suggesting China's massive stockpile of grains has become an "aggravating concern" in the global food market.
The continued upward pressure on food prices -- which helped trigger the upheaval in Egypt -- could become a hot political issue, starting this week in Paris as Group of 20 finance ministers and central bankers gather. As head of the G20 this year, France wants policymakers to tackle the issue of taming commodity prices.
"When food is scarce in the world, food becomes more important than money," said Carl Weinberg, chief economist at High Frequency Economics of Valhalla, N.Y.
Read the full article here.
OTTAWA - Wheat prices hit a 30-month high Monday on weather worries and increased demand from the politically volatile Middle East and North Africa, with one analyst suggesting China's massive stockpile of grains has become an "aggravating concern" in the global food market.
The continued upward pressure on food prices -- which helped trigger the upheaval in Egypt -- could become a hot political issue, starting this week in Paris as Group of 20 finance ministers and central bankers gather. As head of the G20 this year, France wants policymakers to tackle the issue of taming commodity prices.
"When food is scarce in the world, food becomes more important than money," said Carl Weinberg, chief economist at High Frequency Economics of Valhalla, N.Y.
Read the full article here.