For more than a decade, European policymakers have spurned genetically modified crops, but these so-called Frankenfoods are beginning to look more and more appetizing in the wake of food shortages and soaring prices.

Only 21% of Europeans are willing to eat genetically engineered food, according to a survey by the European Commission.

Some nations, such as France, have banned the planting of genetically modified crops, while others like Germany have enacted laws that allowed foods to be labeled as “GM free.”

Some of the most dramatic photographs in the world this week were of downtown Cedar Rapids, Iowa. On Friday, an estimated 100 blocks of the city were underwater. Heavy rainfall across the Midwest has produced nine rivers in Iowa above flood stage.

Ritchie Brothers… Transocean… Schlumberger. We’ve spent a lot of ink in DailyWealth showing you “domino effect” plays on the global commodity boom.

At a summit in Rome held by the UN’s Food and Agriculture Organization, UN Secretary General Ban Ki-moon said world food output needs to rise 50% by 2030 in order for the growing population to be fed.

“Soaring prices of grains, dairy and meat have been grabbing global headlines,” says Jennifer Yousfi in Money Morning, “but other commodities have been on the rise as well.

Agricultural commodities won’t drop back to pre-crisis levels for at least ten years, according to a report by the OECD and the UN. This from the Financial Times:

Food prices have undergone a paradigm shift and will not drop back to pre-crisis levels for at least the next 10 years, putting long-term pressure on governments facing the food crisis, according to a forthcoming report.

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