Global food prices are impacted by a multitude of factors. One of the main factors that affect food prices is the price of oil. Rising oil prices tend to raise food prices. When food prices rises, usually it is the poor countries that take the brunt of the negative impacts.
Food prices spiked in 2007–2008 and again in 2010–2011. But recently prices have been declining due to the lower oil prices. Among the agricultural commodities, rise in prices of staple grains such as cor, wheat, rice adversely affect poor countries.
The following chart shows the top producers of major staples such as soy, wheat, rice and maize:
Click to enlarge
Source: Anticipating and Avoiding Global Food Price Crises, CFR
The US is the top producer of maize and soy while China ranks the highest in the production of rice and wheat.
