EAM Jaishankar warns of ‘major food crisis’ in coming months
"We are today looking at a situation where some of the major grain exporters will not be able to send out their shipments, particularly out to the Black Sea," S. Jaishankar said
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"We are today looking at a situation where some of the major grain exporters will not be able to send out their shipments, particularly out to the Black Sea," S. Jaishankar said
Bangladesh has resumed wheat purchases from its western neighbor, after India’s plentiful supply encouraged it to lift an export ban at a time when Black Sea trade disruptions have sent global prices soaring.
The impasse in the Black Sea following a summer escalation in Russia’s war with Ukraine is compounding the economic damage from the conflict in the Middle East by threatening to drive inflation even higher. Connecting Europe and Asia, the Black Sea is a critical conduit for global crop shipments to some of the world’s most populous nations. Bloomberg's Pyotr Kozlov reports. (Source: Bloomberg)
As the world focuses on the oil market, the war in Ukraine is snarling vital grain shipments and forcing buyers to scramble for supplies from elsewhere.
Some Russian farmers plan to plant less winter wheat as flows from the country’s crucial Black Sea ports remain stalled, creating a domestic glut and setting the stage for a smaller 2027 harvest from the world’s top shipper.
Chicago wheat edged lower after the steepest drop in nearly three years even as prospects of a peace deal between Russia and Ukraine faded with continued fighting in the Black Sea region.