cornfield.jpgThe Journal’s Bob Davis reports:

In July, the Guardian newspaper breathlessly reported that a leaked copy of a World Bank report blamed biofuels for 75% of the steep increase in food prices. What made the report even juicier was that the report was supposedly “suppressed” by the World Bank, headed by former Bush administration Deputy Secretary of State Robert Zoellick. The blogosphere went to town on the story.

A little reporting showed there wasn’t a lot of there, there, as Gertrude Stein might have remarked. I spoke to the report’s author, Donald Mitchell, who said the April report was a draft and hadn’t been released because it wasn’t ready for publication. Nobody at the World Bank had pressured him, he said. The World Bank put out a release quoting Mr. Zoellick saying the Mitchell estimate of the effect of biofuels on food prices was at the “far end. You see other people talk about ranges of 20 percent, 25 percent.”