Forget oil, the new global crisis is food

Forget oil, the new global crisis is food: "But Mr. Coxe warned U.S. corn exports were in danger of seizing up in about three years if the country continues to subsidize ethanol production. Biofuels are expected to eat up about a third of America's grain harvest in 2007.

The amount of U.S. grain currently stored for following seasons was the lowest on record, relative to consumption, he said.

'You should be there for it fully-hedged by having access to those stocks that benefit from rising food prices.'

He said there are about two dozen stocks in the world that are going to redefine the world's food supplies, and 'those stocks will have a precious value as we move forward.'

Mr. Coxe said crop yields around the world need to increase to something close to what is achieved in the state of Illinois, which produces over 200 corn bushes an acre compared with an average 30 bushes an acre in the rest of the world.

'That will be done with more fertilizer, with genetically modified seeds, and with advanced machinery and technology,' he said."