Global grain supplies are under pressure due to supply chain issues and complicated by Russia's ongoing invasion of Ukraine.
Global grain shortages will likely last through the end of this year and into next year, AGCO Corp CEO Eric Hansotia told CNBC's Jim Cramer on Monday.
"There's just not enough grain in the world, and there won't be for the rest of this year and probably even into next year. We have to have a tremendous harvest this year and next year just to close that gap on the grain gap," Hansotia said in an interview on "The chief executive said that the agricultural machinery manufacturer has the biggest order bank in its history, up 30% from last year in Europe and up 20% in the United States.
Complicating matters is the Russia-Ukraine war's pressure on global grain supplies. However, a ship departed Ukraine for Lebanon on Monday, marking the first passage of a ship carrying Ukrainian grain through the Russia navy-dominated Black Sea since the war's onset,Hansotia added that while AGCO sees some relief in the second half of the year, challenges still remain.
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