In the 1980s, however, those same farmers were crushed by the Soviet grain embargo, double-digit interest rates, a worldwide recession and high energy costs.

ECONOMIST: The farmbelt breaks free | The

Dr Feng counters fears about a grain embargo, by pointing out that any land used in other food production could fairly quickly be re-converted to grain in an emergency.

ECONOMIST: China

The stage is set, Grice says, for a permanent step up in grain prices, just as oil prices jumped following the 1973 Arab oil embargo.

FORBES: Grain's The New Oil, SocGen's Grice Says