Policy makers and the general public have become concerned yet again about global food security. This follows the upward spikes in international prices of many primary commodities in 2008, 2011 and 2012, together with on-going changes around the world in both climates and trade-related policies. Together they have resulted in international food prices in the past five years being 50 percent above those in the previous 25 years. The set of factors influencing the trend level of food prices is not identical to the set affecting the volatility of food prices around that long-run trend, however. This report therefore addresses each of these issues separately, bearing in mind that both impact on, and are of great concern to, Australian farmers and agribusinesses.