7-Global Food Prices Rise After Russia Ends Grain Deal And India Restricts Rice Exports

1. Global Food Prices Rise Global Food Prices Rise After Russia Ends Grain Deal And India Restricts After Russia Ends Grain Deal And India Restricts Rice Exports Rice Exports According to the United Nations’ Food and Agriculture Organization (FAO), prices for food commodities such as rice and vegetable oil have increased for the first time in months as a result of Russia's withdrawal from a wartime agreement that allowed Ukraine to export grain to the world and India's restriction of some of its Rice Exports. Price Rise Witnessed Price Rise Witnessed In July, the FAO Food Price Index increased 1.3% over June due to higher prices for rice and vegetable oil. The index tracks monthly changes in the prices of commonly traded food commodities around the world. The index saw a small increase for the first time in a year in April as a result of higher sugar prices, and this was the first increase since then. There are new risks from Russia’s withdrawal from a deal brokered by the United Nations and Turkey that provided protection for ships transporting Ukrainian agricultural products through the Black Sea. Wheat and corn prices have been zigzagging on international markets along with Russian assaults on Ukrainian grain infrastructure and ports. Reasons For Commodity Price Disruptions Reasons For Commodity Price Disruptions Commodity prices have been falling since reaching all-time highs in the aftermath of Russia's invasion of Ukraine last year. The two nations are major producers of wheat, barley, sunflower oil, and other reasonably priced food items, particularly for regions of Africa, the Middle East, and Asia where millions

2. of people are suffering from hunger, and thus disruptions in their supplies have exacerbated a global food crisis. India's Rice Export Policy and Its Effects India's Rice Export Policy and Its Effects The trade restrictions imposed by India on some non-basmati white rice varieties, which have led to hoarding in some regions of the world, are more concerning. The limitations were put in place late last month as an earlier-than-expected El Niño brought warmer, drier weather to parts of Asia, which was predicted to harm rice production. The FAO reported that rice prices increased by 2.8% in July from a month earlier and by 19.7% in the current year to reach their highest level since September 2011. The organization stated in a statement that more expensive rice "raises significant food security concerns for a large swath of the world population, especially those that are most poor and who dedicate a greater share of their incomes to purchase food." Sub-Saharan Africa will face particular difficulties because it is a major rice importer, FAO chief economist Maximo Torero told reporters. Global Impacts Global Impacts The effects of those price shocks, which increased inflation, poverty, and food insecurity in developing countries that depend on imports, are still being felt around the world. According to Torero, international wheat prices increased 1.6% in July compared to June, marking the first increase in nine months. The jump in vegetable oil prices, as tracked by the FAO, was even more dramatic, rising 12.1% last month over June after falling for seven months in a row. The organization reported a 15% increase in sunflower oil prices as a result of "renewed uncertainties" about supply following the end of the Black Sea Grain Deal. Although there is enough food for everyone, challenges to major producers' supplies brought on by conflict, export restrictions, or production shortfalls due to weather can cause supply and demand imbalances across regions, according to Torero, the FAO chief economist. He also added that there would be a “lack of access to food due to rising prices and possible food insecurity.” Local food prices continue to rise in many developing countries as their currencies have weakened against the dollar, which is used to purchase grain and vegetable oil. If you are a rice importer wishing to Buy rice in bulk or a rice exporter willing to export bulk rice, then Tradologie.com is the right platform for you. Tradologie is a SAAS platform that facilitates bulk agro- trade across the globe. Through Tradologie’s interface, buyers can avail the best qualities of agro- commodities at negotiable rates. The transaction-oriented platform currently has 600,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 150 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.