Critical need for a productive G-20 summit
The United States is going through its worst drought of the last 50 years. Farmers have stopped tending corn fields that collectively are bigger than Belgium and Luxembourg. This is a catastrophic scenario for the world's biggest exporter of agricultural products. Prices of corn, soy and wheat, which are primary foodstuffs in other areas of the world, have risen between 30% and 50%.
Slowly, the G-20 summit is beginning to address the same problem that gave rise to problems in a dozen countries in 2007-2008. So it's critical that the summit tries to mitigate record high prices next year as current biofuel production objectives fall.