The global food supply chain, as well as demand for agricultural products, faces an unprecedented threat from the coronavirus pandemic. Livelihoods have been destroyed and economies dragged down, while prices of basic foodstuffs soared and countries imposed measures to limit exports and shore up domestic supply, albeit mostly for a short duration. “This is a very peculiar situation for the Food and Agriculture Organization,” Abdolreza Abbassian, senior economist with the UN agency, told S&P Global Platts. “On one hand the message from us is look here, the world market is pretty well supplied, but on the other hand we see price rises, people who have severe problems in terms of access to food because they lost employment and income,” he said. Go deeper: Interview – Abdolreza Abbassian, senior economist, UN Food and Agriculture Organization Price warnings An analysis of FAO data covering more than 90 countries showed cereal complex prices soared in March and April, especially in those regions that are price sensitive and where food insecurity is a perennial problem. Price warnings have been issued recently for staple foods like wheat, wheat flour, rice, corn, and other food items across many countries including North Africa, Argentina, Brazil, Kyrgyzstan, Thailand… continue reading
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Source: CTRM Center