No food crisis seen, but greater market stability needed

08.09.2010 09:19 "Agro Perspectiva" (Kyiv) — Food commodities markets will remain more volatile in years ahead and the international community will need to develop appropriate ways of dealing with that, a top FAO official said today. Responding to questions concerning the current turbulence on international food markets, Hafez Ghanem, Assistant Director-General for Economic and Social Development, said the G20 could take the lead in devising measures to ensure greater market stability over the medium and long term. In an interview published on the FAO homepage, Ghanem was asked whether the world was headed for a repeat of the 2007–2008 World Food Crisis. His reply: "The market fundamentals are sound and very different from 2007–2008. Despite the shortfall in Russia’s wheat production, this year’s cereal harvest was the third highest on record and stocks are high. Under these conditions we don’t believe that we are headed for a new food crisis, but we will continue monitoring the situation closely. «So as regards the overall supply and demand situation there’s no cause to worry. The picture could, however, change if there is another shock to supply, for example due to more bad weather, or if government policies lead to increased anxiety in the market, provoking panic buying..»

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