Jim Rogers: Soaring Food Prices Will Cause Riots Read more: Jim Rogers: Soaring Food Prices Will Cause Riots Important: Can you afford to Retire? Shocking Poll Results
Jim Rogers, chairman of Rogers Holdings, says he sees higher returns from agriculture than other commodities, and expects more international turmoil as food prices continue to rise.
“Agriculture prices are still, on a historic basis, extremely depressed, and in my view I’ll probably make more money in agriculture than other things,” Rogers told The Australian.
“I fully expect more social unrest in the world, I fully expect more turmoil, but I didn’t expect it to happen this quickly because food prices are somewhat depressed,” says Rogers.
“It will slow growth but some people are going to benefit — Brazil’s booming, Canada’s booming, Australia’s booming, you’re going to see some people benefit and some people suffer, that’s the way the world works.”
Rogers says it’s inevitable that food prices will rise, if for no reason other than that higher prices will attract more people to farming in developed nations such the U.S. and Japan, where the average age of those in the industry is 58 and 66 respectively.
“Prices have to go a lot higher to attract capital and labor and management into agriculture or we won’t have any food — all the farmers are going to die, and then what are we going to do?” Rogers asks.
The Daily Republic reports that Cargill CEO Greg Page blames government hoarding for the global surge in food prices at the end of 2010.
“We have to make sure lawmakers share our understanding,” Page told attendees at a national meeting of feed and grain executives.