While global grain and oilseed production is currently out-pacing demand, one economist thinks the problem is short-term. Erik Norland of CME Group says the world's high food inventory has come about thanks to spectacular global harvests in recent years. But while food supply can vary from year to year, population grows at a steady rate.

He thinks specifically, as population grows, Africa has a lot of potential for demand, with the continent's population expected to expand by 70 per cent over the next quarter century.

"Africa does not have a huge amount of arable land," Norland says. "The part of Africa that's easily farmable is relatively small compared to both the overall size of the continent, as well as the population, so it's possible they could import a huge variety of different kinds products, including a lot of the staples we produce in North America like corn, wheat, soy."

This could be a highlight in population growth, as China's population is aging. Norland thinks Chinese imports are likely about to reach a peak and start to decline.

"It would not be surprising if China's per-person calorie intake either doesn't grow as quickly, stagnates, or maybe even begins to decline. That's very important because China doesn't really have any significant population growth. Their population level is, of course, very high at 1.3 billion, but it's not expected to grow very much over the course of the next quarter century," he says.

Despite the growing global population, Norland doesn't think this will necessarily push food prices up, unless demand rises quicker than supply.