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US drought could trigger repeat of global food crisis, experts warn

Posted: July 24, 2012 |   Comments

America's drought threatens a recurrence of the 2008 global food crisis, when soaring prices set off riots and unrest to parts of Africa, the Middle East, and Latin America, food experts warn.

Corn prices reached an all-time high on Friday, as the drought expanded across America, trading at $8.24 a bushel on the Chicago exchange. Soybeans were also trading at record levels.

The US department of agriculture meanwhile predicted there would be less corn coming onto global markets over the next year, because of a sharp drop in US exports.

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