High food prices in recent years have prompted farmers worldwide to plant more cereals and oilseeds, but consumers are set to face tighter supplies well into 2024, amid adverseGlobal wheat, corn and soybean prices – after several years of strong gains – are headed for losses in 2023 on easing Black Sea bottlenecks and fears of a global recession, although prices remain vulnerable to supply shocks and food inflation in the New Year, analysts and traders said.
High food prices in recent years have prompted farmers worldwide to plant more cereals and oilseeds, but consumers are set to face tighter supplies well into 2024, amid adverseGlobal wheat , corn and soybean prices – after several years of strong gains – are headed for losses in 2023 on easing Black Sea bottlenecks and fears of a global recession , although prices remain vulnerable to supply shocks and food inflation in the New Year, analysts and traders said.
"The supply picture for grains certainly improved in 2023 with bigger crops in some of the key places which matter. But we are not really out of the woods yet," said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney. "We have El Nino weather forecast until at least April-May, Brazil is almost certainly going to produce less corn, and China is surprising the market by buying larger volumes of wheat and corn form the international marke
Food Prices Supplies Crops Wheat Corn Soybean Global Recession Supply Shocks Food Inflation
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Higher Food Prices Fuel Inflation and Interest Rates in Developing NationsInflation has been affecting the overwhelming majority of people around the globe, including Pakistan, but it is the higher food prices – besides the increased power and gas tariffs as well as fuel prices – which are proving to be most disturbing aspect for them. At the same time, increase in food prices are sustaining and fuelling the overall inflation which in turn mean there won’t be any rate cuts soon – a continuation of the monetary tightening as advocated by top financial institutions and central banks. Hence, interest rates will stay at the record high levels in Pakistan and other developing nations as well as poorest countries which are worst affected by this trend amid currency devaluation and higher import costs due to the increase in commodity prices in global markets. Therefore, they will remain stuck in the vicious circle of higher inflation and interest rates with no hope for revitalising their economies. One must remember that the low-income groups form the largest share of population in developing and poor nations
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Israeli army's death toll in Gaza almost twice as high as 2014The Israeli army's death toll in Gaza is already almost twice as high as during a ground offensive in 2014, a reflection of how far it has pushed into the enclave and of Hamas' effective use of guerrilla tactics and an expanded arsenal.
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UK home secretary set to sign new asylum treaty in RwandaBritain intends to send thousands of asylum seekers to Rwanda
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Higher Food Prices Fuel Inflation and Interest Rates in Developing NationsInflation has been affecting the overwhelming majority of people around the globe, including Pakistan, but it is the higher food prices – besides the increased power and gas tariffs as well as fuel prices – which are proving to be most disturbing aspect for them. At the same time, increase in food prices are sustaining and fuelling the overall inflation which in turn mean there won’t be any rate cuts soon – a continuation of the monetary tightening as advocated by top financial institutions and central banks. Hence, interest rates will stay at the record high levels in Pakistan and other developing nations as well as poorest countries which are worst affected by this trend amid currency devaluation and higher import costs due to the increase in commodity prices in global markets. Therefore, they will remain stuck in the vicious circle of higher inflation and interest rates with no hope for revitalising their economies. One must remember that the low-income groups form the largest share of population in developing and poor nations
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