Food Concerns Grow

The agriculture sector continues to closely monitor the ongoing conflict in Ukraine and the repercussions being felt across the globe. FGH’s What We’re Watching in Food and Ag newsletter recently highlighted some key developments:

  • World food prices spiked nearly 13% in March according to the Food and Agriculture Organization’s (FAO) food price index. Prices are at their highest levels ever, increasing almost 34% from the previous year.
  • Russia has threatened to limit agricultural and food exports to only so-called “friendly” countries in retaliation to Western sanctions.
  • U.S. lawmakers are sharing their growing concerns amid a “perfect storm” for global food security and looking for ways to deliver more food aid. Administration officials said this week that they are looking to provide emergency food aid to address the ripple effects of the invasion on hunger in Africa and the Middle East.
  • A global shortage of sunflower oil, due to Russia’s invasion of Ukraine, has pushed prices of alternatives to record highs. Meanwhile, U.S. farmers are planting more sunflowers to make up for the shortage.
  • The U.S. Department of Agriculture (USDA), citing the uncertainty caused by the Russian invasion of Ukraine, again lowered projected corn and wheat exports from Ukraine in its highly anticipated WASDE report on Friday.

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