In the energy market Friday, oil prices did turn north, but just barely, with crude for January delivery closing at $49.93/barrel, up 51 cents in its debut as front-month contract. Reformulated gasoline for January delivery rose 5 cents, to $1.09/gallon.

Gas prices hit another record high. Soaring food prices ignite riots the world over. It should come as no surprise that a 71% increase in food prices since 2006 has the good citizens of South Africa, Morocco, Egypt, Ethiopia, Bangladesh and Mozambique up in arms.

Amidst all the furore regarding the Labour administration’s embarrassingly mis-managed tax shortcomings, the cries of those in the UK warning of a growing humanitarian crisis in the developing world have been lost.

The price of rice finally started to moderate this week, with rice futures sinking for a fifth straight day. Rice has retreated 11.6% on the Chicago Board of Trade since hitting an all-time high last Thursday.