Prices for corn, soybeans, wheat, sorghum, rice and other feed and food crops at or near record highs have captured the attention of trade policy analysts. Identified causes include drought in Australia and ethanol production in the U.S. Largely unnoticed in the uproar have been efforts by governments to limit exports or encourage imports. The commitments of WTO member countries to more open trade have been only marginally effective in discouraging market interventions by governments.
There are lots of old jokes about actuaries, but one thing is for certain: They are among the most unbiased people in the world. Actuaries look at the facts and let the numbers do they talking for them.
Crawford Falconer, chairman of the agricultural talks for the WTO Doha Round, followed up his release in late December of four working documents on domestic supports with release on January 4 of eight documents on market access. Progress is being made on market access, but the large number of nuances makes it hard to grasp what the final outcome will be.
President Bush has no shortage of topics to talk about with foreign leaders during his nine-day trip to the Middle East, which began on Tuesday and continues into next week. On the top of his agenda will be war and peace: the improving situation in Iraq, the looming threat of Iranian nukes, the ongoing conflict between Israelis and Palestinians, and the destabilizing murder of Pakistan’s Benazir Bhutto.