French Agriculture Minister Stephane Le Foll said a surge in grain and soy prices is a “major preoccupation” worldwide.
“The current situation must be watched carefully,” Le Foll said in an e-mailed statement. He warned against provoking “speculative” price movements.
The French government has asked that crop forecasts and market outlooks be monitored at the United Nations’ Food & Agriculture Organization, according to the statement.
If the drought situation worsens in the U.S. and Russia, a rapid reaction forum put in place by G-20 countries could comment or hold a formal meeting, Le Foll said.
Wheat, corn and soybean futures have climbed as dry weather in the U.S. and Russia reduces global supplies.