Agricultural commodities plunged to the more than decade low on concern of China economic slowdown along with oil prices slump. Decline of Chinese economy growth means less demand for raw materials affecting demand for all commodities, Bloomberg commodity index of 22 agricultural, energy and metal prices dropped to the lowest level since 2001 (Nov), by 1.6%. Futures for some core agricultural commodities families dropped as following: Soy Bean Oil ( -33.7%) from 01.03. 2014 being $45.76 to $30.38 on 01.29.2015, Rough Rice (-37.6%) same period from $ 15.02 to $10.915, Soy Beans (-41,3%) from $ 1,283 to $908 6/8. As projected this slump will continue in 2015.
Dominick Salvatore is Distinguished Professor of Economics and the Director of the Ph.D. Program in Economics at Fordham University in New York City. He is Honorary Professor at the Shanghai Finance University, Hunan University, and University of Pretoria; Visiting Professor at various universities, including University of Rome, American University in Cairo, University of Pretoria, Peking University, University of Trieste, and University of Vienna. Dr. Salvatore is a Fellow of the New York Academy of Sciences and past Chairman of its Economics Section. He is also the past president of the North American Economic and Finance Association (NAEFA) and the International Trade and Finance Association (ITFA). He is a Consultant to the United Nations, the World Bank, the International Monetary Fund, the Economic Policy Institute, and several multinational corporations and global banks. He is the co-editor of the Journal of Policy Modeling and past co-editor of Open Economies Review and The American Economist, as well as past Editor of the Handbook Series in Economics, Greenwood Press. He has given more than 500 lectures around the world, was awarded the Achievement Award by the City of University of New York in 1997, the Order of the Knights of Malta, and was nominated for the 2010 National Medal of Science awarded by the President of the United States.
Dr. Salvatore is the author of the world’s leading textbook on international economics. His Theory and Problems of Microeconomics has been translated into 18 languages, with more than 800,000 copies sold.