August 8, 2012
Mexico buys US corn amidst possible food crisis
Amidst speculation of a possible food crisis, Mexico has bought 1.5 million tonnes of corn from the US.
During the food crisis of 2008, Mexicans rioted over the high cost of corn flour and tortillas. The recent purchase comes as drought in the US continues to push global grain prices up.
Agfarm grain broker Fabian Devereaux says Mexico is being cautious.
"Mexico is actually a net importer of about nine to 10 million tonnes of corn a year," he said.
"I think they're probably trying to purchase that grain to get it in to show the people in the country they're trying to do something about it this time around, maybe."
