Grain speculators won't like it. But governments are getting into the business of stabilizing long-range food prices. More and more, US officials are following the pattern in other countryes to ensure both adequate food supplies and steady prices. This week's four-year US grain contract with China was one result.
Next, look for new rules to emerge from a Nov. 10-15 meeting in Australia among major grain exporting countries. Their goal: a new agreement to help hold down wheat prices in poor crop years.
If successful, the deal could help third world countries that now get slammed with hefty food bills every time there's a poor crop year.m