A series of extreme weather events around the world have caused food production failures sparking fear of a global food crisis.
The U.N. Food and Agriculture Organization was forced to have emergency meetings to evaluate the growing food concerns. They blame extreme weather as one of the major factors for shortages, and that urgent action is necessary.
Extreme weather has affected the global food shortages on various levels. Since July 2010, prices on basic staples wheat, corn, soybeans and rice have reached record highs.
More at link.
Likely La Niña impacts during January-March 2011 include suppressed convection over the westcentral tropical Pacific Ocean, and enhanced convection over Indonesia. Impacts in the United States include an enhanced chance of above-average precipitation in the Pacific Northwest, Northern Rockies (along with a concomitant increase in snowfall), Great Lakes, and Ohio Valley. Below-average precipitation is favored across the southwestern and southeastern states. An increased chance of below average temperatures is predicted for much of the West Coast and northern tier of states (excluding New England), and a higher possibility of above-average temperatures is forecast for much of the southern and central U.S. (see 3-month seasonal outlook released on December 16th , 20 10). While seasonaltemperature and precipitation patterns in the U.S. are strongly influenced by La Niña, these signals can be modified by other factors, such as the Arctic Oscillation (AO)/ North Atlantic Oscillation (NAO).
More at link.
Here is NOAA's page on La Nina:
If prices related entirely to supply and demand, dairy farmers should do well. Both milk and dairy beef prices should be high.