Food pricesWorld food prices stabilised in August at levels close to those reached in the food crisis of 2008, and global grain stocks are likely to shrink this year as cereal crop output falls short of what is needed, the UN's food agency said yesterday.

Food and Agriculture Organisation director general Jose Graziano da Silva called for international action to calm markets, but also said the August price index, which remained unchanged from July, provided some optimism. Earlier, Russian deputy agriculture minister Ilya Shestakov said G20 countries would hold a meeting on the grain market next month.

The worst US drought in more than half a century and poor crops from the Black Sea bread basket have sent grain prices to record levels. – (Reuters)