The price of food PDF
Preview The price of food
Food Science and Technology Series THE PRICE OF FOOD No part of this digital document may be reproduced, stored in a retrieval system or transmitted in any form or by any means. The publisher has taken reasonable care in the preparation of this digital document, but makes no expressed or implied warranty of any kind and assumes no responsibility for any errors or omissions. No liability is assumed for incidental or consequential damages in connection with or arising out of information contained herein. This digital document is sold with the clear understanding that the publisher is not engaged in rendering legal, medical or any other professional services. FOOD SCIENCE AND TECHNOLOGY SERIES Food Science and Technology: New Research Lorenzo V. Greco and Marco N. Bruno (Editor) 2008. 978-1-60456-715-1 The Price of Food Meredith N. Fisher (Editor) 2009. 978-1-60692-440-2 Food Science and Technology Series THE PRICE OF FOOD MEREDITH N. FISHER EDITOR Nova Science Publishers, Inc. New York Copyright © 2009 by Nova Science Publishers, Inc. All rights reserved. No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or by any means: electronic, electrostatic, magnetic, tape, mechanical photocopying, recording or otherwise without the written permission of the Publisher. For permission to use material from this book please contact us: Telephone 631-231-7269; Fax 631-231-8175 Web Site: http://www.novapublishers.com NOTICE TO THE READER The Publisher has taken reasonable care in the preparation of this book, but makes no expressed or implied warranty of any kind and assumes no responsibility for any errors or omissions. No liability is assumed for incidental or consequential damages in connection with or arising out of information contained in this book. The Publisher shall not be liable for any special, consequential, or exemplary damages resulting, in whole or in part, from the readers’ use of, or reliance upon, this material. Independent verification should be sought for any data, advice or recommendations contained in this book. In addition, no responsibility is assumed by the publisher for any injury and/or damage to persons or property arising from any methods, products, instructions, ideas or otherwise contained in this publication. This publication is designed to provide accurate and authoritative information with regard to the subject matter covered herein. It is sold with the clear understanding that the Publisher is not engaged in rendering legal or any other professional services. If legal or any other expert assistance is required, the services of a competent person should be sought. FROM A DECLARATION OF PARTICIPANTS JOINTLY ADOPTED BY A COMMITTEE OF THE AMERICAN BAR ASSOCIATION AND A COMMITTEE OF PUBLISHERS. LIBRARY OF CONGRESS CATALOGING-IN-PUBLICATION DATA ISBN: 978-1-61324-055-7 (eBook) Published by Nova Science Publishers, Inc. (cid:30) New York CONTENTS Preface vii Chapter 1 Price Determination in Agricultural Commodity Markets: A Primer 1 Randy Schnepf Chapter 2 Global Agricultural Supply and Demand: Factors Contributing to the Recent Increase in Food Commodity Prices 49 Ronald Trostle Chapter 3 Biofuels, International Food Prices, and the Poor 85 Joachim von Braun Chapter 4 Food Price Inflation: Causes and Impacts 93 Tom Capehart and Joe Richardson Chapter 5 High Wheat Prices: What Are the Issues? 103 Randy Schnepf Chapter 6 Testimony of Jared Bernstein, Economic Policy Institute, House Committee on the Budget of the United States House of Representatives, Rising Food Prices: Budget Challenges, July 30, 2008 113 Economic Policy Institute vi Contents Chapter 7 Testimony by Steve H. Hanke, Applied Economics, the Johns Hopkins University and the Cato Institute on Rising Food Prices: Budget Challenges before Committee on the Budget, United States House of Representatives, July 30, 2008 123 Chapter 8 Testimony of Jack Huttner, Biorefinery Business Development, Genencor, to the Senate Committee on Energy and Natural Resources Hearing: “The Relationship between Us Renewable Fuels Policy and Food Prices”, June 12, 2008 129 Chapter 9 Statement of Joseph Glauber, before the Committee on Energy and Natural Resources, United States Senate, June 12, 2008 135 Chapter 10 Statement of Joseph Glauber, before the Joint Economic Committee, U.S. Congress, May 1, 2008 153 Index 169 PREFACE U.S. food prices never seem to decline. Higher farm commodity prices and energy costs are the leading factors behind higher food prices. Farm commodity prices have surged because (1) demand for corn for ethanol is competing with food and feed for acreage; (2) global food grain and oilseed supplies are low due to poor harvests; (3) the weak dollar has increased U.S. exports; (4) rising incomes in large, rapidly emerging economies have changed eating habits; and (5) input costs have increased. Higher energy costs increase transportation, processing, and retail costs. Although the cost of commodities such as corn or wheat are a small part of the final retail price of most food products, they have risen enough to have an impact on retail prices. Generally, price changes at the farm level have a diminished impact on retail prices, especially for highly processed products. The impact of higher food prices on U.S. households varies according to income. Lower-income households spend a greater portion of their income on food and feel price hikes more acutely than high-income families. Higher food costs impact domestic food assistance efforts in numerous ways depending on whether benefits are indexed, enrollments are limited, or additional funds are made available. Higher food and transportation costs also reduce the impact of U.S. contributions of food aid under current budget constraints.
The list of books you might like
