Can the EU rely on world food markets?

A drought in Russia and other ex-Soviet republics this summer sparked the fastest one-month surge in wheat prices since 1973. From its June low to its August high, the price of wheat climbed by more than 80 percent. Since then, wheat prices have eased and are expected to decline further, while wheat stocks are plentiful, and the global harvest of other cereals is sufficient to compensate for this year's shortfall in wheat. In short, one could put this episode down to just a temporary exaggera...