Lockdowns and panic food buying due to the coronavirus pandemic could ignite wor...
SINGAPORE - Lockdowns and panic food buying due to the coronavirus pandemic could ignite world food inflation even though there are ample supplies of staple grains and oilseeds in key exporting nations, a senior economist at FAO and agricultural analysts said.
With over 270,000 infections and more than 11,000 deaths, the epidemic has stunned the world and drawn comparisons with periods such as World War Two and the 1918 Spanish flu pandemic. The global benchmark Chicago wheat futures rose more than 6% this week, the biggest weekly gain in nine months, while rice prices in Thailand, the world’s 2nd largest exporter of the grain, have climbed to the highest since August 2013.
However, global wheat stocks at the end of the crop marketing year in June are projected to rise to 287.14 million tonnes, up from 277.57 million tonnes a year ago, according to the U.S. Department of Agriculture estimates.World rice stocks are projected at 182.3 million tonnes as compared with 175.3 million tonnes a year ago.
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