Back in 2007, before terms like subprime mortgages and credit default swaps entered our vernacular, the world’s policymakers found themselves facing a far more basic, if equally complex global crisis-one involving food.
At the time, news of ration line riots flooded headlines, while pundits entertained apocalyptic visions of an underfed future. Many nations erected monolithic trade barriers to protect domestic supplies, while surging oil prices and speculative investors only drove food indices even higher.
By the end of 2008, of course, the global financial crisis had effectively dampened demand, and lower oil prices allowed food commodity markets to stabilize. The world’s attention then turned to the financial sector and stimulus plans, and the once ominous specter of an international food shortage suddenly receded into the background.
Continue reading “What a Renewed Global Food Crisis Could Mean for the Egyptian Wheat Market”