The United States is the leading producer of corn and soybeans – two commodities that developing countries rely on. However, over the past two months, prices have risen sharply as the U.S. experiences its worst drought since the 1950s. A food policy expert says effectively responding to the drought can help prevent another global food crisis.More than half the United States is experiencing the dual problems of too little rain and temperatures that are too high. Shenggen Fan, head of the International Food Policy Research Institute, said that’s not only driving up prices, but contributing to price volatility as well.
“The U.S. plays a huge role in global food security. The U.S. is the largest food exporter – soybeans, maize and many other food commodities. So anything [that] happens in the U.S. will have global significance,” he said.
The decline in maize production has boosted prices by 30 percent in the past two months. Soybean prices are up 19 percent.
Fan said, “Last weekend’s rain may have helped a little bit, but we think the drought may come back and will continue to affect both soybean and maize production.”
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