Food prices: stabilisation?
The Financial Times observes that the UN FAO food prices index has stabilised, showing a tiny decrease for April (216.7, compared to the revised 217.0 for March). I'm guessing that this is a response to the high predicted wheat harvests for this year. This is, by no means, the end to the food price crisis, but it might end the recent supply panic.

Martin Wolf's column for two weeks ago, Food crisis is a chance to reform global agriculture, argued that speculation is unlikely to have played much role in the ramping up of food prices, since food price inventories have been so low. So we shouldn't expect any sort of speculative unwinding of food prices: they are unlikely to "bounce down" in the way that stock markets have done. Instead the reason for high food prices has been rapidly growing supply not keeping up with even more rapidly growing demand (part of which is the growing demand for meat, particularly in China) and cost of inputs to agriculture, particularly oil.

Paul Collier's comment on Martin Wolf's article argues that a general acceptance of GM foods, particularly in Europe, and promotion of large-scale agriculture (ie. industrialised), particularly in Africa, is an important part of any effective response to high food prices. Just threw that in, in case this post was lacking in controversial assertions.