"Diouf blamed a confluence of recent supply and demand factors for the crisis, and he predicted that those factors were here to stay. On the supply side, these include the early effects of global warming, which has decreased crop yields in some crucial places, and a shift away from farming for human consumption toward crops for biofuels and cattle feed. Demand for grain is increasing with the world population, and more is diverted to feed cattle as the population of upwardly mobile meat-eaters grows."
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There's a strange confluence of things working against each other; rising oil prices, global warming, rising population, more wealth (meaning more who can pay for food), etc. This is going to take some smart people to figure out.