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 Mar. 14, 2022 POLITICO reports: PANIC BUYING IS BACK: But this time it's not individual shoppers, it's countries. And they aren't hoarding toilet paper; they're pulling back on food exports out of fear that Russian President Vladimir Putin's war in Ukraine will cut off their own imports, reports our Meredith Lee. To read her report click here. Some countries have scrambled to find new sources of staples like grain that were heavily exported from Ukraine before the invasion. But countries that could meet the new demand are holding back, fearing that they will face their own food insecurity. From the G7 ag ministers: After wheat prices reached an all-time high last week, Vilsack and his counterparts from six other major economies warned Friday that countries refusing to export food products would only cause further price spikes and potentially "threaten food security and nutrition at a global scale, especially among the most vulnerable." In a statement after the meeting , the G7 ministers and the EU ag commissioner condemned Russia's attack on Ukraine and said they're "greatly alarmed by the targeting of critical agricultural infrastructure, including transportation and storage, which is having significant regional impacts." To read the entire statement click here. "We will not tolerate artificially inflated prices that could diminish the availability of food and agricultural products. We will also fight against any speculative behaviour that endangers food security or access to food for vulnerable countries or populations," they wrote. "Therefore, we are closely monitoring markets affecting the food system, including futures markets, to ensure full transparency." Tweet |
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