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.
