Oil / Commodities - The Ukraine war threatens staple crops from Europe’s key grain-growing regions, which means escalating food prices that have already been plaguing consumers will only get worse, raising the threat of a full-blown hunger crisis. The UN warned that already record global food costs could surge another 22% as war stifles trade and slashes future harvests. Global food prices are currently at an all-time high, with a benchmark UN index soaring more than 40% over the past two years. Food insecurity has doubled in that period, and 45 million people are estimated to be on the brink of famine. Everything that goes into growing food is also becoming pricier. Russia, a big supplier of every major type of crop nutrient, urged domestic fertilizer producers to cut exports earlier this month, stoking fears of shortages of crop inputs that are vital to growers. Russia’s move adds uncertainty to the global market when farmers in Brazil – the world’s largest fertilizer importer – are already having trouble getting nutrients for crops.
Newsletter - March 16, 2022
Newsletter - March 16, 2022
Newsletter - March 16, 2022
Oil / Commodities - The Ukraine war threatens staple crops from Europe’s key grain-growing regions, which means escalating food prices that have already been plaguing consumers will only get worse, raising the threat of a full-blown hunger crisis. The UN warned that already record global food costs could surge another 22% as war stifles trade and slashes future harvests. Global food prices are currently at an all-time high, with a benchmark UN index soaring more than 40% over the past two years. Food insecurity has doubled in that period, and 45 million people are estimated to be on the brink of famine. Everything that goes into growing food is also becoming pricier. Russia, a big supplier of every major type of crop nutrient, urged domestic fertilizer producers to cut exports earlier this month, stoking fears of shortages of crop inputs that are vital to growers. Russia’s move adds uncertainty to the global market when farmers in Brazil – the world’s largest fertilizer importer – are already having trouble getting nutrients for crops.