The level of grain prices (shown in table iv) does not reflect the recent
The prices of us and Canadian wheats have climbed throughout the 1972–3 crop season, the price of soya beans and oilcakes has doubled, while fishmeal (another major protein source) for the animal feed industry is virtually unobtainable after the failure of Peruvian production. The worldwide shortage of protein is reflected in the oilseed and vegetable oil prices shown in table v:
The distribution of gains has covered the whole of the undeveloped world from Zambia (copper) to Sri Lanka (rubber and coconut oil). Prices have risen in every major commodity group: grains, beverages, oils and oilseeds, fibres, metals and fuels. The gains to individual developing economies will differ enormously, but there is little doubt that the poorer capitalist world as a whole has gained substantially in 1973 and will gain in succeeding years. For unless there is a really major recession the present set of increases in the price of commodities is most unlikely to be wiped out in the period up to 1980.