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Food reserves / Which products will have problematic production in 2024?

2023-12-28 11:37:28Biznes SHKRUAR NGA REDAKSIA VOX

Food reserves / Which products will have problematic production in 2024?

High food prices in recent years have prompted farmers around the world to plant more grains and oilseeds, but the market is expected to be in tighter supply in 2024 amid unfavorable weather, export restrictions and increased demand for biofuels.

Global wheat, corn and soybean prices, after several years of strong gains, are heading for losses in 2023 on easing Black Sea bottlenecks and fears of a global recession, although prices remain vulnerable to supply shocks in food inflation, analysts and traders point out to Reuters.

According to the weather forecast until April-May, based on the El Nino phenomenon, it is almost certain that Brazil will produce less corn, while China surprises by buying larger amounts of wheat and corn from the international market.

The El Niño phenomenon, which has brought drought to large parts of Asia this year, is expected to last until the first half of 2024, putting crops of rice, wheat, palm oil and other agricultural products at risk. major in global demand.

Food market professionals expect Asian rice production in the first half of 2024 to decline, as dry planting conditions and shrinking reservoirs are likely to reduce yields.

Soft commodities have posted big gains since the start of the year, with futures for orange juice, cocoa, coffee and sugar due in part to extreme weather and El Niño-related supply concerns.

Orange juice futures jumped 80% in 2023, hitting an all-time high in late November, as hurricanes and disease devastated Florida's citrus crops.


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