US diplomat convinced by Saudi expert that reserves of world’s biggest oil exporter have been overstated by nearly 40%

There was “rampant demand” for agricultural commodities from China, and rising corn prices may drive gains in other grains, according to a report yesterday from analysts at the bank. Surging crude-oil costs, low global food stockpiles and a weakening dollar may also bolster prices, the report said…Favorable weather conditions are necessary for almost all agricultural commodity markets in 2011 to rebuild inventory levels and prevent a rally on prices back to the highs of the 2007-08 commodity boom