NEW YORK (BLOOMBERG) - As the coronavirus pandemic penetrates more deeply into global supply chains, prices for key staples are starting to soar in some parts of the world.. Read more at straitstimes.com.
NEW YORK - As the coronavirus pandemic penetrates more deeply into global supply chains, prices for key staples are starting to soar in some parts of the world.
"Without the coronavirus, there would not be any problem whatsoever," said Stefan Vogel, head of agricultural commodity research at Rabobank International."People are getting worried about the supply chain." Adding to the pressure, countries including Russia, Kazakhstan and Vietnam are moving to secure domestic supply by restricting exports that the world depends on.
To be clear, it's likely the supply disruptions could prove temporary. And that will probably mean that wheat and rice will stabilize. In the last several years, food costs have been relatively benign thanks to plentiful supplies. Global rice and wheat reserves are both projected at all-time highs, according to the US Department of Agriculture.
In Nigeria, stay-at-home orders from state governments have sparked panic buying. Snarled transportation means fewer goods are getting to markets and grocery stores, and inventories are depleting, said Saudat Salami, who owns an online food retailer in Lagos. Some traders in the food markets where she get supplies have also been afraid to stay in operation as the virus spreads, she said.
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