Commodities: The Wheat Price War

Almost half of the world's population is undernourished, and there is hunger even in the affluent U.S. Still, such a global surplus of wheat has piled up this year that producing nations are locked in a price war as they fight to get rid of their oversupply. The U.S., which allowed prices to sag last winter, has now reduced its wheat export prices three times within the past two months to counter cuts by Canada, Australia and France. The major wheat exporting nations are meeting this week in London, but despite their efforts, no agreement on a way to...

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