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Food price watch Aug 2012

The prices of internationally traded maize and soybeans reached all-time peaks in July, following an unprecedented summer in both the United States and Eastern Europe in terms of high temperatures and lack of rain fall. Wheat prices have also soared to levels comparable to the 2011 peaks but below all-time records. Prices of rice remain stable from abundant supplies. The abrupt food price increases turned favorable price prospects for the year upside down.

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