View this Financial Times short video which explains what might be in store for food prices.
Read this Reuters report published on July 12, 2012 titled “Analysis: Food crisis looms as importers sit out grain price highs.”
Since the U.S. supplies such a large proportion of corn and soy, speculators are already bidding up the price of grain commodities, betting that shortages will bring them hefty profits. The 2008 financial (and food) crisis did not result in regulation of the commodity market. Thus 2012-13 promises to result in many poor people in the global south going hungry when the cost of food outpaces their meager incomes.