is that no one really knows why they are so high. At least for sure. Everyone has their own pet theory or scapegoat - peak oil, speculation, ethanol, hungry Indians, Ben Bernanke, you name it. This dawned to me when Tyler Cowen blogged about this Ajay Shah piece I sent him with little to add.
Ajay Shah's take is probably the most interesting one I've read on the topic. Do read it. More from me on food prices, read this.