Monday, February 25, 2008

UN's World Food Programme considers rationing food aid. And: Commodities Overbought?

Via FinFacts (Ire):
...Josette Sheeran, WFP Executive Director, told the FT that the agency would look at "cutting the food rations or even the number or people reached" if donors did not provide more money.

...The US Department of Agriculture, which in January said that US wheat stocks are at a 60-year low, last week said that the 2008/09 outlook reflects "record current year prices for wheat, corn, and soybeans, and continued expansion in biofuels production. Record prices are forecast again in 2008/09 for wheat, corn, and soybeans, boosting expected producer returns and driving prospects for combined acreage for the three major field crops to the highest level since the mid 1980s.">>>MORE

From Bespoke (calling out "The Maestro" since 15:36 GMT):

...So what are analysts expecting for these same commodities going forward? Bloomberg tracks the consensus price forecasts of commodity analysts, and below we highlight the difference between current prices and year-end 2008 price expectations. While only two commodities are down over the past year, only two are expected to be higher than they are now by the end of 2008. The two commodities that are up the most over the past year are expected to go down the most going forward. Oil is expected to decline 19% to $80/barrel, and Gold is expected to decline 15% to $807/ounce....