Rice and wheat shortages now threaten a world food emergency to rival the last one in 2007–08
India’s ban on some rice exports could add to global supply fears.Rice and wheat shortages now threaten another world food crisis to rival the last one in 2007–08, with ongoing post-pandemic supply disruptions, Russia’s action against Ukraine grain shipping, regional conflicts in Africa, and the emergence of drought-inducing El Niño all playing a role.
Second, the status of the Philippines’ rice stocks is crucial. A number of experienced technocrats in the Philippine cabinet are likely to have planned for this contingency.Third, Vietnam’s export patterns warrant scrutiny. While its crop outlook seems good, there is always the danger that the Vietnamese government might restrict exports in response to domestic hoarding. Managing price expectations in Vietnam will be critical.In a rice emergency, all eyes inevitably turn to China.
This sent world rice prices sliding. Japanese rice stocks are smaller now than in 2007, but even an offer of half a million tonnes to the neediest buyers in the region could calm any panic buying.
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