High food prices in recent years have prompted farmers worldwide to plant more cereals and oilseeds, but consumers are set to face tighter supplies well into 2024, amid adverse El Nino weather, export restrictions and higher biofuel mandates.
High food prices in recent years have prompted farmers worldwide to plant more cereals and oilseeds, but consumers are set to face tighter supplies well into 2024, amid adverse El Nino weather, export restrictions and higher biofuel mandates .
Global wheat, corn and soybean prices – after several years of strong gains – are headed for losses in 2023 on easingand fears of a global recession, although prices remain vulnerable to supply shocks and food inflation in 2024, analysts and traders have said. “The supply picture for grains certainly improved in 2023, with bigger crops in some of the key places which matter. But we are not really out of the woods yet,” said Mr Ole Houe, director of advisory services at agriculture brokerage Ikon Commodities in Sydney. “We have El Nino weather forecast until at least April to May, Brazil is almost certainly going to produce less corn, and China is surprising the market by buying larger volumes of wheat and corn from the international market,” he adde
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