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US Farmers Want Feds' Help on Food Crisis

Skyrocketing prices bring speculators to grocery stores

By Kevin Spak,  Newser Staff

Posted Apr 23, 2008 1:24 PM CDT
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(Newser) – US farmers asked for federal help yesterday in stemming a tide that has seen speculators hitting grocery stores and consumers hoarding basic foodstuffs, the Washington Times reports. "The public is all too aware of the recent credit crisis on Wall Street," a farmers-union rep said. "We don't want a lack of oversight and regulation to lead to a similar crisis in rural America."

Though farmers have mostly benefited from rising prices, they worry that severe increases will hit their operating costs, or burst the bubble. Food prices are rising thanks to a perfect storm of speculation, high energy costs and increased biofuel production, which has driven up the price of corn while decreasing the amount of land devoted to food crops.

Shoppers stock up at a grocery store in Danvers, Mass. in this file photo.
Shoppers stock up at a grocery store in Danvers, Mass. in this file photo.   (AP Photo/Lisa Poole)
A seller sorts rice at a market in Jakarta, Indonesia, Friday, April 18, 2008. Globally, food prices have risen 40 percent since mid-2007.
A seller sorts rice at a market in Jakarta, Indonesia, Friday, April 18, 2008. Globally, food prices have risen 40 percent since mid-2007.   (AP Photo/Irwin Fedriansyah)
Joe Romano shops at Cardona's Market in Albany, N.Y., Tuesday, April 15, 2008.
Joe Romano shops at Cardona's Market in Albany, N.Y., Tuesday, April 15, 2008.   (AP Photo/Mike Groll)
People queue up to buy the cheapest rice available in the market at a mobile rice distribution center at suburban Quezon city, north of Manila, Philippines, Tuesday, April 15, 2008.
People queue up to buy the cheapest rice available in the market at a mobile rice distribution center at suburban Quezon city, north of Manila, Philippines, Tuesday, April 15, 2008.   (AP Photo/Bullit Marquez)
A field full of wheat is seen in London, Ohio in this June 13, 2007 file photo.
A field full of wheat is seen in London, Ohio in this June 13, 2007 file photo.   (AP Photo/Kiichiro Sato, file)
Shoppers pass empty food shelves in a grocery store in Harare, Saturday, Saturday, April 12, 2008.
Shoppers pass empty food shelves in a grocery store in Harare, Saturday, Saturday, April 12, 2008.   (AP Photo)
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Era of cheap food prices over
Times (UK)

Food price hike hitting aid agencies
Voice of America

Rice hits record high
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World • Green • US

 
biofuel • farmer • food prices • Commodity Futures Trading Commission • food industry

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