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    06-07-11 Leeb's Market Forecast


    by leebgroup

    Visit, signup for our FREE newsletter. Global food prices hovered near record levels last month. An index tracking meat prices is at an all-time high. The UN’s Food and Agriculture Organization (FAO) food commodities index has retreated from a 237.7 reading in February, but its current level, at 232.4, it is still very elevated. According to Oxfam International, the price for staple foods, such as corn, could more than double in two decades. Inclement weather and natural disasters-caused shortages have lit a fire under prices, but the underlying fundamentals (growing world population and better eating standards) suggest the high food prices will likely be a long-term.