ABSTRACT
The availability of land and water to meet national and global demands for food and agriculture production have been put into sharp relief following the recent rise in commodity price levels (and associated volatility) and increased large-scale land acquisition. The social impacts of rapid food price inflation have hit the poorest
hardest. The buffering capacity of global agricultural markets to absorb supply shocks and stabilize agricultural commodity prices is tied to the continued functioning of land and water systems. At the same time, climate change brings additional risks and further unpredictability of harvests for farmers due to warming and related aridity, shifts in rainfall patterns, and the frequency and duration of extreme events. While warming may extend the limit of agriculture in the northern hemisphere, it is anticipated that key agricultural systems in lower latitudes will need to cope with new temperature, humidity and water stresses.
