Intervention on biofuels and the Japan WTO rice stock to stabilise world food prices
DOI :
https://doi.org/10.19182/perspective/36954Mots-clés
Price, price stabilisation, price policy, food product, grain, wheat, rice, maize, vegetable oil, rapeseed oil, sunflower oil, palm oil, soybean oil, crude oil, biofuel, fossil fuels, economic crisis, food security, world market, food stock, WTO, domestic marketCouverture
Résumé
Version française de l'article
This issue n°59 is part of the Perspective series on Crises and food security.
On international markets, prices of grains (wheat, maize) and vegetable oils (rapeseed, sunflower, soybean, palm) have been rising since mid-2020. Biofuels play a major part in this increase, and the war in Ukraine, which began in February 2022, has exacerbated it. Biofuels in fact link the price of these commodities to that of crude oil: when the crude oil price rises, the biofuels industry increases its demand for maize and vegetable oils. Temporarily limiting this industrial usage would reduce the price of these commodities. Moreover, in case of an increase in rice prices, one solution would be to authorise Japan to export the rice stock it has built up under World Trade Organization (WTO) rules. In order to prevent future crises, these two levers could be activated as soon as world prices of these agricultural commodities reach predetermined levels.
Références
Author's publications
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Galtier F., 2019. Why food prices are likely to become more unstable. In: Food systems at risk. New trends and challenges. Dury S., Bendjebbar P., Hainzelin E., Giordano T., Bricas N. (Eds). Rome, CIRAD-FAO, p. 107-110. ISBN 978-2-87614-751-5. https://doi.org/10.19182/agritrop/00105
European Commission (report coordinated by Galtier F., and written by Galtier F., Dorosh P., Belik W., Almeida Cunha A., Alpha A., Pémou B., Blein R., Rashid S., Alemu D., Timmer P. C., Onyekwena C., Clarete R., Hathie I., Chapoto A.), 2018. Using food reserves to enhance food and nutrition security in developing countries. Synthesis Report. European Commission, Brussels, Directorate-General for International Cooperation and Development, 98 p. https://europa.eu/capacity4dev/hunger-foodsecurity-nutrition/documents/using-food-reserves-enhance-food-and-nutrition-security-developing-countries
Galtier F., 2013. Managing food price instability: Critical assessment of the dominant doctrine. Global Food Security 2 (2): 72-81. http://dx.doi.org/10.1016/j.gfs.2013.02.001
Galtier F., 2013. Que faire face à l’instabilité des prix alimentaires dans les pays en développement ? Comptes Rendus des Séances de l'Académie d'Agriculture de France 99 (1): 15-23. https://agritrop.cirad.fr/569574/
Galtier F., Vindel B., Timmer P. C., 2013. Managing food price instability in developing countries: a critical analysis of strategies and instruments. Paris, AFD, 280 p. (Collection À savoir: AFD, 17). https://www.afd.fr/en/managing-food-price-instability-developing-countries-critical-analysis-strategies-and-instruments
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