So long as they buy dollars, and use dollars as a base to sell crude oil from Iran to China, or sugar from Brazil to Russia, then the dollar will remain the most important currency on the planet.

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He fears cheap Brazilian sugar, decisions from Brussels and China's demand for steel, which is pushing freight rates higher.

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And the recent boom in commodity prices, driven by rapid growth in demand from China (along with the diversion of corn and sugar into to alcohol production), largely explains why total support fell from 37 percent of farm income in 1986 to 18 percent in 2010.

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Lower commodity prices means lower costs for important resources like oil and sugar, and therefore lower import costs for China and India, both battling with high inflation.

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Sugar production in Brazil has also been much better than expected, while China has generally had a good growing season, Mr Walton adds.

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