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A supply driven rally in agriculture goods has begun. It's only a matter of entry for corn, wheat, and soybeans.
The pandemic and extreme weather have disrupted agricultural supply chains, leaving food prices sharply higher in countries as diverse as Yemen, Sudan, Mexico and South Korea. The United Nations warned in June that the world is on the brink of its worst food crisis in 50 years.
“It’s scary and it’s overwhelming,” Arif Husain, chief economist of the United Nations World Food Program, said in an interview. “I don’t think we have seen anything like this ever.”
In China, the two foods in the tightest spots are pork and corn, with the nation’s pigs hit hard by African swine fever and much of the year’s corn crop ruined by floods. But fresh foods of all stripes are in short supply, too, due to the coronavirus pandemic and flooding — from eggs, to seafood, to leafy green vegetables.
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