Global food supply continues to be tight
On November 16, Robert Spurway, CEO of GrainCorp, one of Australia's largest wheat exporters, said that global grain inventories are at an all-time low,
coupled with the continued impact of the Russia-Ukraine conflict and the new crown epidemic, supply pressure is increasing.
The outbreak of the Russia-Uzbekistan conflict disrupted more than a quarter of global wheat exports. The food price index of the Food and Agriculture
Organization of the United Nations (FAO) soared to the highest level in history in March, but it has since fallen back significantly.
The index recorded 135.9 points in October, compared with 3 Monthly highs are down about 15%, but are still 2% above year-ago levels.
Spurway said in an interview on Wednesday that the supply threat posed by the crisis in Ukraine cannot be mitigated for at least two to three years.
Spurway believes that although Ukraine exports some grain through the Black Sea channel, it is still far from keeping up with existing demand.
Since the Black Sea Grain Agreement took effect, Ukraine has transported more than 10 million grains through the Black Sea.
At the beginning of the Russian-Ukrainian conflict, more than 20 million tons of grains were stranded in Ukraine and could not be shipped out.
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