Eight decades ago, during the Great Depression, newly elected U.S. President Franklin Delano Roosevelt introduced the New Deal consisting of a number of mutually supporting initiatives of which the most prominent were:
Agriculture as it exists today developed over 11,000 years of rather remarkable climate stability. It has evolved to maximize production within that climate system. Now, suddenly, the climate is changing. With each passing year, the agricultural system is becoming more out of sync with the climate system.
Despite a sudden increase in July this year, prices of cereals on world markets remained fairly stable. But there are no grounds for complacency, as cereals markets remain vulnerable to supply shocks and disruptive policy measures. In this context, the good harvests that are expected in the Southern Hemisphere are important.