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Drivers of Food Prices

Drivers of Food Prices. Chad Hart chart@iastate.edu 515-294-9911 Iowa Hunger Summit Des Moines, Iowa October 14, 2008. The Food Dollar. Source: USDA-ERS. Farm Value in Individual Foods. Farm share of retail price 1 Food 1998 1999 2000 (Percent)

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Drivers of Food Prices

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  1. Drivers of Food Prices Chad Hart chart@iastate.edu 515-294-9911 Iowa Hunger Summit Des Moines, Iowa October 14, 2008

  2. The Food Dollar Source: USDA-ERS

  3. Farm Value in Individual Foods Farm share of retail price1 Food 1998 1999 2000 (Percent)   Milk, ½ gal. 41 39 34   Orange juice conc., 12 fl. oz. 38 37 33   Corn, 303 can (17 oz.) 23 22 22   Applesauce, 25-oz. jar 14 14 16   Tomatoes, whole, 303 can 7 7 7   Sugar, 1 lb. 32 31 27   Flour, wheat, 5 lbs. 20 18 19   Margarine, 1 lb. 26 17 15   Rice, long grain, 1 lb. 22 19 14   Peanut butter, 1 lb. 26 23 22   Potato chips, regular, 1-lb. bag 8 9 8   Chicken dinner, fried, frozen, 11 oz. 13 13 14   Potatoes, french fried, frozen, 1 lb. 11 11 10   Bread, 1 lb. 5 5 5   Corn flakes, 18-oz. box 4 4 4 1Computed from unrounded farm values. Source: USDA-ERS

  4. Factors Leading to Higher Commodity Prices Source: USDA-ERS, Trostle, July 2008

  5. Events in 2007 • Droughts: • Northern Europe, Ukraine, Russia, Northwest Africa, Turkey, Australia, and Argentina • Increased export taxes: • China, Argentina, Russia, Kazakhstan, Malaysia, and Indonesia • Export restrictions: • Argentina, Ukraine, India, Vietnam, Serbia, Egypt, Cambodia, Indonesia, and Kazakhstan

  6. Commodity Price Ratios (Sept. 2006 =1)

  7. Crude Oil Prices

  8. Commodity Price Indexes Source: Internation Financial Statistics

  9. Thanks for your time!

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