Abah Ofon answers questions at the Financial Times on record grain prices

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Food prices are rising. Rice is just the latest staple to soar through record levels as increasing demand and lagging supply on global markets prompt exporters to restrict their sales to quell food price inflation at home. Similar moves by major wheat and soyabean exporters announced earlier this year have helped keep prices near record levels, while record corn prices continue to be underpinned by rising demand from China and from the biofuels industry. Are staple foods poised to reach luxury prices, or is the current surge in agricultural commodities a bubble waiting to burst? Abah Ofon, agricultural commodities strategist at Standard Chartered, answers your questions below

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