According to Sara Menker, CEO of Agricultural data company Gro Intelligence, the global food supply is being affected by fertilizer shortages, climate disruption and cooking oil and grain inventories in record low. Without significant positive and immediate coordinated global action, the world risks suffering human and economic damage.
Russia and Ukraine account for about a quarter of the world’s wheat exports. However, the conflict has disrupted agricultural production and supplies, sent global food prices soaring to record highs and raised fears of unrest in the developing world. The wheat crisis worsened as India, the world’s second-largest producer, banned exports of the grain and made farmers pay higher costs for fertilizer, feed and fuel.
Carlos Mera, head of agricultural commodities research at Rabobank, said that accounting for about a fifth of global wheat exports coupled with a favorable crop this year will help the country produce nearly 85 million tons of grain this year. This makes it difficult for the world to get rid of its dependence on Russian food for the next 12 months.
Earlier this week, Bank of England Governor Andrew Bailey warned of a “doomsday” of world food shortages as Ukraine struggled to export products. Ukraine has food in stock but cannot get it out at the moment and this is a big worry, not only for Ukraine but also for the whole world. An estimated 20 million tons of grain go unused in Ukraine’s vaults.
In a report in early May, the US Department of Agriculture also forecasted that wheat stocks would fall sharply by the end of 2022-2023 to the lowest level in nearly 10 years.
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