The world’s wheat reserves are only enough for 10 weeks
With the current situation, especially after the Russia-Ukraine conflict broke out, the supply wheat Global stockpile is only available for 10 weeks.
Status food insecurity The global economy has been affected to a level not seen since the 2008 financial crisis and it will only get worse without active intervention. This was the warning of Sara Menker, CEO of Agricultural data company Gro Intelligence, at a meeting of the United Nations Security Council.
The global food supply is being impacted by fertilizer shortages, climate disruptions and record low inventories of cooking oil and grains, said Sara Menker. Without significant positive and immediate coordinated global action, the world risks suffering human and economic damage.
Menker warned that before the Russia-Ukraine conflict occurred, these two countries provided a total of one-third of the world’s wheat exports and were among the top five corn exporters. Coupled with widespread fertilizer shortages, supply chain problems and a record drought, global wheat stocks are limited to about 10 weeks.
The global food supply is being severely impacted. (Photo: World Grain)
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.
Taking up about a fifth of global wheat exports, coupled with a favorable crop, will help Russia produce nearly 85 million tonnes of grain in the year, said Carlos Mera, head of agricultural commodities research at Rabobank. 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 “apocalypse” lack of food the world when Ukraine has difficulty in exporting 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 at the beginning of May, the US Department of Agriculture forecast that wheat stocks would decline seriously by the end of 2022-2023, to the lowest level in nearly 10 years.
Even if the current conflict ends, the issue of food security will not be resolved anytime soon if countries do not take coordinated action.
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