June 18, 2008
Record feed costs to propel US meat prices
Prices of meat and dairy products received a boost as key fodder crop prices hit to a new record high, according to the Financial Times.
US farmers said fodder prices had increased sharply as poor weather conditions damaged crops and left large areas unplanted.
The increase is expected to also cause a rise in the prices of other food products such as sweeteners and cereals.
Rising prices of meat are projected to affect richer countries as less well-to-do countries turn to staple foods such as rice and corn.
The FAO has warned that retail meat prices would be pushed up by higher fodder costs, robust demand and low supplies.
