FAO releases 2008 “State of Food and Agriculture” report; biofuels will continue to pressue crop prices, report says

The United Nations Food and Agriculture Organization released its “2008 State of Food and Agriculture” report, and noted critically that “The historic linkages between agriculture and the energy sector are becoming stronger and are changing in character. Biofuel demand will continue to exercise upward pressure on agricultural prices for considerable time to come.”

The report reveals that use of agricultural commodities for biofuels tripled on a global basis between 2000 and 2007. However the report notes that “Growing demand for liquid biofuels is only one of several factors underlying the recent sharp increases in agricultural commodity prices.” In fact, though biofuel demand continues to grow throughout 2008, corn prices on the Chicago Board of Trade have dropped more than 35 percent since March.

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