A boost in global food production is necessary to prevent significant agricultural supply shortages, according to Jim Rogers, chairman of Rogers Holdings.
Currently, prices are being pushed higher as global demand for wheat and corn continue to outstrip production. Corn is currently 92% more expensive than the same time in 2010, while supplies drop to 47 days — the fewest since 1974, according to the U.S. Department of Agriculture. Wheat supplies are expected to drop to a three-year low of 184.26 million metric tons before the 2012 harvest, and output will remain lower than demand. “We’ve got to do something or we’re going to have no food at any price at times in the next few years,” said Rogers.