COVID-19 raises governments’ food security concerns, demand for U.S. crops: ADM CEO

CHICAGO (Reuters) – COVID-19 outbreaks are increasing governments’ food-security concerns, and importers need U.S. corn and soybeans for the first time in a long time to meet demand, Archer Daniels Midland ADM.N Chief Executive Officer Juan Luciano said on Friday. The pandemic has upended supply chains globally, as some consumers hoard food and the virus threatens food-processing operations if workers fall ill. “You see governments more concerned about food security now and the ability to keep supplying food for the world,” Luciano said on a conference call after reporting quarterly results. ADM, a top global grain merchants, can benefit from rising concerns because its traders and exporters connect regions that have excess supplies with those facing deficits, Luciano said. Brazil, the world’s top soybean producer, is among nations importing food staples, including soybeans, due to a rise in domestic prices, President Jair Bolsonaro said on Thursday. Luciano said Brazil has depleted it soybean stocks and is in an environment of food inflation. Farmers in rival producer Argentina, where the currency is volatile, have little incentive to sell their crops, he said, leaving the United States as a prime supplier. “For the very first time in a long time, the world… continue reading

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