How does the war in Ukraine impact the global food supply? (BBC Radio)
BBC Radio produced a program that stated the Russian invasion of Ukraine has increased the possibility of global food insecurity. Most developing countries can’t cushion the blow. Senior research fellow Joseph Glauber said the war itself came at a bad time due to droughts that reduced stock, prices were already high, and we’re talking about one of the largest breadbaskets of the world. Prices are going up worldwide and it’s a burden. We’ve seen countries ban exports of products like wheat. Countries will put restrictions on it. India has a ban, but they have still promised to export to neighbors, etc.” These bans hurt domestic producers in those export bans countries. We see them produce less.” Glauber said, “Futures markets show high prices for the next 18 – 20 months. The crop in the U.S. is in poor shape because of the drought in the South Plains. In 2023, we will see prices moderate. We just don’t know how long the war will long, what will happen to supplies in Ukraine, will they be able to plant and harvest. It could go on for a long time.”
