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Rising grain prices

Rising grain prices

A worldwide move towards biofuels will contribute to higher prices for grains, vegetable oil and sugar over the next decade, according to an annual outlook report released late Tuesday. Prices for wheat and coarse grain products are expected to climb between 15 and 40 percent, and vegetable oil could increase by more than 40 percent until 2019, the report jointly released by the Organisation for Economic Cooperation and Development (OECD) and Food and Agricultural Organisation stated. “Governments should implement measures to ensure farmers have better tools to manage future risks, such as production contracts and futures markets,” OECD Secretary General Angel Gurria said.

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