The limit seems to be the extent at which governments will continue to pay for excess food production. The limit of feeding who is on this planet is purely political, political in that certain nations are ruled by despots who care not for their people and political for the lack of political will for those other nations who will not act to correct it.
I think we have had quite enough adventurism, people have to stand up for themselves and what type of future their kids will have.
http://www.ers.usda.gov/publications/eib-economic-informatio...
There is certainly lots of additional land that could be utilized with modern farming practice. Water is probably the bigger problem.
My main point, which seems to have been lost here is that the main impediment to increased food production is economic. Whether the economic pressures creating the situation are born out of greed, over-regulation or something else I didn't speculate.
The land is there. The water is there. The equipment is procurable as well as the labor. It's a simple factor of motivation. Our semi-free market produces the current amount of food. A more free market would likely (but may not) produce less. A more regulated market could (but may not) produce more.
Imagine cutting out the whole supply chain for staples (farming, machinery production, transportation, middlemen, processing, distribution and sales) and turning it into a machine on your kitchen counter that emits rice. Changes the whole game.
I will say however that it seems some of our large food supply sources may be in danger and the economic and human cost of pivoting a food supply chain will be astronomical.