Front Cover; Contents; Acknowledgments; About the Authors; Abbreviations; Overview; Introduction; Figure O.1 Food Demand from Asia; Figure O.2 Increasing Supply of Animal Protein for Domestic Consumption; Figures; Drivers of World Food Prices; High Food Prices versus Food Price Volatility; The Role of Trade Policy in Boosting Food Security; International Experience with Trade and Food Security; References; Chapter 1 Long-Term Drivers of Food Prices; Introduction; Figure 1.1 Food Price Index, 1960-2012; Explaining Long-Term Price Trends; Table 1.1 Stationarity Properties; Tables. Table 1.2 Parameter Estimates from Ordinary Least Squares Regressions, 1960-2012Discussion; Table 1.3 Key Characteristics of Commodity Markets; Assessing Post-2004 Price Movements; Figure 1.2 Elasticities (Absolute Values); Table 1.4 Parameter Estimates from Ordinary Least Squares Regressions, 1960-2004; Table 1.5 Contribution of Each Driver to Food Price Changes, 1997-2004 to 2005-12; Figure 1.3 Food and Crude Oil Price Indexes; Figure 1.4 Stock-to-Use Ratios, 1997-2004 and 2005-12; Table 1.6 Actual Prices Compared to Model-Generated Prices; Table 1.7 Assessing the Fit of the Models. Table 1.8 Parameter Estimates from Panel RegressionsConclusions and Further Research; References; Chapter 2 The Role of Biofuel Policies on Grain and Oilseed Prices; Introduction; Figure 2.1 Corn Prices and Ethanol Production Capacity; Figure 2.2 Oil and Cereal Prices; Measuring the Support and Trade Distortion Caused by Biofuel Policies; The Impact of Biofuel Policy Compared to Other "Perfect Storm" Factors; The Role of Sugarcane-Ethanol in Brazil on Grain and Oilseed Prices; Figure 2.3 Sugarcane Production in Brazil over the Past Decade. Figure 2.4 Evolution of the Number of New Ethanol Production Facilities in Center-South BrazilConcluding Remarks; Figure 2.5 Evolution of U.S. and Brazilian Ethanol Prices since September 2010; Notes; References; Chapter 3 Price Transmission from World to Local Grain Markets in Developing Countries; Why It Matters; How It Works; Figure B3.1.1 Domestic Wheat Prices and Export/Import Parity Band in Addis Ababa, January 1998-October 2011; Boxes; Box 3.1 Interplay between Transport Costs and Policy Measures in Price Transmission in Ethiopia. Stylized Facts Pertaining to Recent Cereal Price TransmissionTable 3.1 The Direction of Monthly Price Movements on Domestic and International Markets, Agreement and Disagreement, by Region and Cereal; Table 3.2 The Prevalence of Cointegration in the Literature Sample; Table 3.3 The Prevalence of Cointegration in the GIEWS Estimates; Table 3.4 Average Estimates of the Long-Run Rice Transmission Coefficients Taken from the GIEWS and Literature Samples, by Product and Region; Figure 3.1 Estimates of Long-Term Elasticity of Price Transmission by Different Commodities, 1970-2010.