Food Prices Expected to Soar in 2011

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Food prices could start climbing again next year. The United Nations is warning about shortages in key crops like corn and wheat.

The United Nations' Food and Agricultural Organization said that world food imports will exceed $1 trillion this year, which is close to the record reached in the food-crisis in 2008.

"It is unlikely that the effects of higher prices will be contained in their respective sectors, as many of these commodities constitute major feedstock ingredients for the livestock or biofuels sector," the FAO told Bloomberg.

"With price increases largely reflecting scarcity in export supply, global competition for securing foodstuffs is set to intensify,'" they added.

The UN predicts that farmers may not be able to plant enough replacement crops because they're also planting more sugar and cotton due to shortages in those areas.

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