Business Daily from THE HINDU group of publications
Wednesday, Jan 17, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Jan 17, 2007 ePaper |
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Agri-Biz & Commodities
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Foodgrains High grain costs strain food aid budget Our Bureau
Mumbai , Jan. 16 While food aid to support poor nations continues, rising grains prices and transportation costs (caused by strong crude market) are seen straining available budgets. Considering the food situation in developing countries, the Food Aid Committee along with the London-based International Grains Council has expressed concern over the sharp rise in world grain and oilseed prices in recent months, linked to the expectation of a further decline in carry-over stocks in exporting countries. The steep rise in ocean freight rates was also contributing to a significant increase in the food import bills of developing countries. For the year ending June 2006, provisional data of donor operations showed that some 8.5 million tonnes (mt) grains had been shipped, well in excess of minimum obligations, although somewhat less than the previous year's 8.9 mt. In addition to purchasing the commodities, all donors paid for transport and other costs, on average accounting for around 40 per cent of the total cost of supplying food aid, estimated at around $2.5 billion in 2005-06. Based on initial forecasts of needs and operations, food aid shipments in the current year (to June 2007) were likely to approach the 2005-06 total; but higher commodity and freight costs would strain available budgets, it was noted.
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