Wall Street Journal author Yusuf Khan noted in his article that “The European Union has faced a disappointing wheat harvest this year, so given the tensions in the world market, the expected deficit of a major grain producer is a source of new concern. In recent weeks, the EU's harvest - typically one of the largest in the world - has received particular attention from grain buyers and agricultural analysts as they argue over whether it will disappoint the crop and thus add to the current deficit. For example, Strategie Grains, an agricultural consultancy that publishes a carefully tracked monthly crop report, said on Thursday June 9 that the EU is expected to be down nearly 5% this year Wheat will produce than last year. The block is expected to reach 2022 million in the 2023-278,8 growing season Tonnen Grains produce, which is 4% less than last year due to the dry weather. Coceral, the European trade association, had previously forecast EU grain production to fall by 1,4% this year compared to 2021.
The UN-FAO said on Thursday that global grain production including Grains like Corn, Wheat and other grains are expected to reach 2022 billion tons in 2,78, down 16 million tons from 2021. Although the decline is relatively small, it is the first decline in four years.”
Regarding other players in the global grain market, Reuters author Maximilian Heath writes: "The wheat harvest in Argentina is likely to be 2022 million tons in 23/18,5, compared to 19 million tons previously thought, due to the dry weather."
Megan Durisin reported in a Bloomberg News article that “China's President Xi Jinping analyzed efforts to increase domestic grain production in Sichuan province. In addition, the Chinese state storage company bought freshly harvested wheat for national reserves at record prices this month.
Amid problems with world production, food import prices are rising, raising concerns about export restrictions, Associated Press correspondent Francis D'Emilio said, citing an analysis by the UN Food Agency: Spending on food imports will increase this year Reaching all-time highs, but vulnerable countries will pay more but can get less for the same money.
According to Megan Durisin in a Bloomberg article: "The global food import bill is set to hit a new record in 2022, but rising prices mean buyers are getting little more for that money. The rapid rise in energy prices and fertilizers is also making it more and more expensive to grow crops and raise livestock.
Amid the prospect of rising food prices, more than two dozen countries have introduced restrictions on food and fertilizer exports, according to the University of St. Gallen's Global Trade Alert.
At a time when almost 200 million people are experiencing food insecurity at the level of the crisis, there is a risk that the trend towards protectionism could have a domino effect and aggravate the deficit in countries cleaner food importers ”.
“Some Asian governments have restricted exports of foods they consider important for internal food security. For Indonesia it is vegetable oil, for India wheat, for Malaysia chickens. But the bans risk hurting farmers and producers, and one problem is that the current cycle of protectionism may result in export restrictions on other foods, including rice, which is a staple for more than half the world's population. For example, a Thai official said the country is considering signing a rice price deal with Vietnam, another major rice exporter, to help the two countries increase their "trading power." Some analysts say the current situation is reminiscent of 2008, when some of the world's largest rice exporters, including India and Vietnam, curtailed exports, causing consumer panic and a sharp rise in prices," wrote New York Times journalist Mike ives