An article in today's Washington Post discusses China's influence on food markets. As Chinese demand for food shifts out and supply remains relatively constant, prices go up, as with the 25% of US soy that the Chinese now consume. World Bank President Richard Zoellick now says that we're one shock away from a serious crisis. Hopefully some of the pressure will be relieved by a decreased emphasis in the US on corn ethanol, but I'm not holding my breath.
Bonus reference in the article to "gelatinized donkey skin." Mmmm.