From the chinese press

Global grain reserve needed

Global corn prices have increased by 14.5 percent this month after a United States Department of Agriculture (USDA) report said the country's corn production would drop. The highest increase in corn prices in 37 years has caused panic across the world, says an article on www.china.com.cn. Excerpts:

For a couple of months, the Food and Agriculture Organization (FAO) and USDA both had been claiming corn production would increase this year. But just before the harvest season, USDA said the yield would instead drop, sending the global corn market in a tizzy. This is understandable because the US accounts for up to 60 percent of the global corn exports and controls the world corn market in more ways than one.