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Despite the fact that the cost of fertilizer and wheat fell from their peaks after the start of the military operation in Ukraine, analysts still see a threat to the global grain market, writes the Financial Times.
As the newspaper notes, the grain deal concluded in the summer of 2022 between Russia, Ukraine, the UN and Turkey played a decisive role in lowering prices, but analysts warn that it could fail. If the agreement is not extended, the export of Ukrainian grain will be blocked, which will lead to another rise in prices, they point out.
The publication emphasizes that the threat to the market is created not only by geopolitical tensions, but also by climate change. Record high temperatures were recorded in Europe and other parts of the world last year, but experts predict that global temperatures in 2023 will be even higher than in 2022.
Speaking about the future of the grain market, John Buffes, Senior Agricultural Economist at the World Bank, likened the situation to a “single-engine flight.” “As long as this engine is running, everything is fine, but if the engine stops, you will have problems,” he stressed.
Source: Rosbalt
Mario Twitchell is an accomplished author and journalist, known for his insightful and thought-provoking writing on a wide range of topics including general and opinion. He currently works as a writer at 247 news agency, where he has established himself as a respected voice in the industry.
