Recent years have witnessed a boom in commodities prices, buoyed by rampant demand from rapidly growing economies, China in particular, and lagging supply. Crude oil and base metals have already gone up in price. But 2007 has been the year of rising agricultural prices.

Some of this price rally is the result of temporary weather-related problems and diseases, but there is a more permanent increase in demand from Asia and the biofuel industry that will underpin prices in the next few years, according to the United Nations Food and Agriculture Organisation.