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Global commodity prices fell 38% between June 2014 and February 2015. Demand and supply conditions led to lower price expectations for all nine of the World Bank's commodity price indices – an extremely rare occurrence. The commodity price shock in the second half of 2014 cannot be attributed to any single factor or defining event. [6]
In reaction to falling grain prices and the widespread economic turmoil of the Dust Bowl (1931–39) and Great Depression (October 1929–33), three bills led the United States into permanent price subsidies for farmers: the 1922 Grain Futures Act, the June 1929 Agricultural Marketing Act, and finally the 1933 Agricultural Adjustment Act ...
High food prices were also a major factor contributing to the Arab Spring unrest. [4] The deflated FAO food price index reached an all time high in 2012. [5] As a result of a very dry summer in the United States and Europe, corn and soybean prices reached all-time highs in July 2012 and prices remained high throughout 2012 [1]
The Food and Agriculture Organization (FAO) Food Price Index 1961–2021 in nominal and real terms. The Real Price Index is the Nominal Price Index deflated by the World Bank Manufactures Unit Value Index (MUV). Years 2014–2016 is 100. Food prices refer to the average price level for food across countries, regions and on a global scale. [1]
Corn prices on the Chicago Board of Trade dropped from US$7.99 per bushel in June to US$3.74 per bushel in mid-December; wheat and rice prices experienced similar decreases. [159] The UN's Food and Agriculture Organization, however, warned against "a false sense of security", noting that the credit crisis could cause farmers to reduce plantings ...
In July 1973, the Soviet Union purchased 10 million short tons (9.1 × 10 ^ 6 t) of grain (mainly wheat and corn) from the United States at subsidized prices, which caused global grain prices to soar. Crop shortfalls in 1971 and 1972 forced the Soviet Union to look abroad for grain.
During this time, debate over tariffs and free trade in grain was fierce. Poor industrial workers relied on cheap bread for sustenance, but farmers wanted their government to create a higher local price to protect them from cheap foreign imports, resulting in legislation such as Britain's Corn Laws. [6]