Countries start hoarding food as prices rise and covid worsens
Live MintAgricultural commodity buyers from Cairo to Islamabad have been on a shopping spree since the Covid-19 pandemic upended supply chains. “The result is that consumers are holding more inventory as a precaution against future supply disruptions.” A number of factors are adding to a rally in prices for corn, wheat and soybeans, including floods in China and the country’s increased purchases to meet commitments under its phase one trade deal with the U.S. Food Dependence Some countries decided to bring their food purchases forward to ensure supplies in case the coronavirus rattles supply chains, said Abdolreza Abbassian, a senior economist at the UN’s Food and Agriculture Organization. “I could see that happening, especially as winter wheat conditions are not that great and if you wait, prices could rise further.” Agricultural prices have been on the rise as countries stepped up purchases, adding to demand from China and a drought in the Black Sea region. “China would certainly support commodities prices if it made such extensive purchases,” Commerzbank AG Analyst Daniel Briesemann said in a research note.
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