In response to the recent report by the Food and Agriculture Organization of the United Nations (FAO), which outlined how global food prices have continued their downward trend, dropping 1.5 percent since last month, to near five year low , Tom Buis, CEO of Growth Energy, issued the following statement: “Despite the rhetoric and fear mongering by Big Food and Big Oil, facts are facts and they cannot hide from the truth. This latest report from the UN FAO is further proof that the U.S. and other nations are capable of producing increased quantities of food, feed, fiber and fuel. In fact, global grain stocks increased by 160 million metric tons.
(47 percent) between the 2006/07 and the 2013/14 marketing years following the enactment of the Renewable Fuel Standard (RFS.)
“Additionally, strengthened global crop commodity prices have helped all farmers invest in new production practices that enhance sustainability and productivity. The U.S. RFS and other global renewable energy policies have played no small part in stimulating this agricultural resurgence both here and abroad.
“Global food prices have fallen to a nearly five year low and corn is trading at roughly the cost of production. The simple fact of the matter is that any claim that says we cannot have both food and fuel is simply a self-serving charge aimed at driving a specific agenda with no factual merit.”