By 2050, the world will need to feed more than nine billion people, requiring nearly 70 percent more food than we consume today.1 Moreover, an expanding global middle class will demand more meat and other protein-rich foods, while extreme weather could slash yields in important agricultural regions. At the same time, prices of wheat, rice, and a number of other basic food commodities have been rising for a decade (Exhibit 1). Volatile food prices have repeatedly led to instability—and as the exhibit shows, the volatility continues to increase.
