The world is still facing a global food crisis.

1) Argentine farmers will plant the country's smallest wheat crop in a hundred years this season.

2) Argentina may well become a net importer of wheat by 2010, with its ending stocks will be close to zero.

3) China continues to import soybeans at an astonishing rate with latest estimates showing that they imported almost 14 MMT in the first four month of 2009, with sales since Sept 1st 41% higher than a year ago.

4) With US soybean ending stocks already tight, we could be in for a very interesting summer.

5) World wheat output will fall by a minimum of around 42-46 MMT this year.

Conclusion: Everything is continuing as expected. Estimates for agricultural production are being continuously being downgraded every month. China’s stimulus efforts are sucking up the world’s soybean production. Argentina is still an ecological disaster. And the world is still facing food shortages in 2009.ht market skeptic