Bob’s Steak & Chop House, a cult-favorite restaurant, looks to grow abroad

The United Nations’ Food and Agriculture Organization reported that world food prices rose 2.2 percent in February to a new record high and could rise further still if drought continues to decimate China’s wheat harvest. The reasons for high prices: drought in Russia and Argentina, floods in Canada and Pakistan, export bans, and panic buying and hoarding. These supply disruptions have led agricultural economists to ask, “If the world can’t properly feed 7 billion people today, how will it feed 9 billion in 2050?” In fact, the FAO estimates food output will have to rise 70 percent by 2050 to keep pace with population growth. 


The restaurant industry is already dealing with increased costs. Favorable commodities prices — the lone blessing of the recent recession — are quickly disappearing as the U.S. economy slowly emerges from its three-year slump. And according to commodities experts, multiple market factors will continue driving prices for corn, beef, pork, grains and dairy upward well into 2011 and possibly beyond.


Higher average checks continued to drive sales in third quarter

John Barone looks at commodity fluctuation for the near term, with signals that the price of corn could jump significantly in 2011.

Pizza sales may be heating up, but achieving store-level profits will be challenging for many operators this fall as their widespread discounting butts heads with rising commodities costs.


Chicago wheat futures surged to $7.85 per bushel on Aug. 5, up 83 percent from a low of $4.28 on June 6. Over the past month, drought across wheat regions of Russia, Ukraine and Europe, excessive rain in Canada, and locusts in Australia have helped send prices higher.

With U.S. development rights sold out, Five Guys looks overseas.

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