Food prices were near record highs even before the Ukraine war started, says research center (CNBC International)
CNBC International produced a video featuring senior research fellow Joseph Glauber. Glauber discussed the tight markets (due to decreased stockpiles and high food prices) that were already in place prior to the Russian invasion of Ukraine. The markets are very much focused on the Northern Hemisphere crops just planted and those coming to harvest this month. The market is focused on what will come out of these regions (US, Black Sea, the rest of Europe). The poorest countries will suffer the most. MENA consume a lot of wheat. Many of those countries that can, will subsidize, but countries like Yemen will have a harder time. Several more million people will experience hunger. This can also be found on Twitter.
