India

As scorching temperatures ravage farms from the US to China, crop harvests, fruit production and dairy output are all coming under pressure.

That extreme weather is just one of threats to food supplies that are once again mounting around the world.This week, top rice exporter India banned some shipments of the commodity – a staple for about half of the world’s population — to keep domestic prices in check.Russia quit a deal that allowed Ukrainian grain to flow safely across the Black Sea.On top of that is the recent arrival of the El Niño weather pattern that may cause further damage to agriculture.A farmhand sows rice saplings in a flooded paddy field in Bhivpuri, India, July 20.All of this is renewing concerns about food security and prices, creating a risk that rampant inflation on supermarket shelves will stick around for longer.

That would be a fresh blow to consumers, who were just starting to see some better news after a long-running squeeze on household budgets.“We’re all still struggling under an inflationary regime,” said Tim Benton, a food security expert at Chatham House in London.

“And although inflation is tailing off, that doesn’t of course mean the prices are going down.

It means they’re just going up more slowly.” Extreme heat that’s engulfing huge swaths of Asia, Europe and North America is just the latest challenge in what’s been a rough year for farmers.

They’ve had to grapple with bouts of extreme weather, including prolonged droughts, heavy rain and floods.Right now, it’s so hot in southern Europe that cows are producing less milk and tomatoes are being ruined.

Grain harvests will be much smaller too after struggling with drought.In Asia, the yields from China’s rice fields are at risk, and US conditions for growing crops were at their worst in more than three decades in June, before the Midwest got some rain relief.

Prices for rice in Asia recently reached a two-year high as importers built up inventories.While the full extent of the damage will depend on how long the unfavorable conditions persist, there are already clear signs of destruction in fruit and vegetables in southern Europe, which supplies much of the continent.

In Sicily, some tomatoes have ominous-looking black rings, the result of a so-called blossom end rot, when extreme weather renders plants calcium-deficient.“They’re like burnt on the bottom,” said Paddy Plunkett, head of global sourcing at importer Natoora who was sent a photo by a grower.

“I’ve never seen it before.”Across Italy, weather-related damage to agriculture will exceed last year’s losses of 6 billion euros ($6.7 billion), according to farmers group Coldiretti.The temperatures have sped up ripening or caused heat burns on everything from grapes to melons, apricots and aubergines.

Bee activity and pollination is affected and wheat production is down, it said.“This is not a just a regular hot summer,” said Lorenzo Bazzana, an agronomist at Coldiretti.

“They say plants should adapt to the climate changes, but we are talking about cultures that evolved slowly over thousands of years, they cannot adjust to a climate that keeps changing so quickly and so dramatically.”Beyond Europe’s vegetable stalls, the good news is the grains market — key to food security of the poorest and import-dependent nations — is still well supplied, thanks to record harvests of soy and corn in Brazil.

Top wheat exporter Russia is set for another bumper crop.

But uncertainties are piling up.

In an apt illustration, wheat fluctuated throughout the week in response to a flurry of news from the Black Sea.

It rose on the collapse of export deal, before slipping back, then rose again as Russia threatened ships sailing to Ukraine ports.

On Friday, it declined as Ukraine sought to restore the export deal.More concerns stem from India’s steps to ban exports of non-basmati white rice to put a lid on inflation.

Retail rice prices in Delhi are up about 15% this year while the average nationwide price has gained 9%, according to data from the food ministry.

The government may extend the restrictions to other rice varieties, Nomura Holdings Inc.

warned.

Elsewhere in Asia, Thailand is asking farmers to limit rice planting to only one crop this year amid drought risks.

In China, high temperatures will likely force the early ripening of the crop, impacting yields.

President Xi Jinping on Thursday called for greater efforts to secure grain security, state television reported.Parts of the US are experiencing similar strains.

While rainfall levels have improved after hot and dry conditions earlier this year, the weather is expected to flip again across the Midwest next week and into early August, just as corn and soybean crops go through critical development stages, said Arlan Suderman, chief commodities economist at brokerage StoneX.The Department of Agriculture forecasts that durum wheat output will fall 16% this year, with other spring varieties down 1%.

The market will know just how bad the situation is when crop scouts hit the fields for the annual spring wheat tour in North Dakota next week.Transport issues may compound the food security concerns.

Water levels on the Mississippi and Ohio rivers are falling for a second straight year, raising the prospect of shipping problems on crucial freight routes.“I would be surprised if global food prices do not start increasing again after over a year of decreasing,” saidCaitlin Welsh, a food expert at the Center for Strategic and International Studies in Washington.

“We’re experiencing multiple threats to agriculture markets.”Back in Europe, droughts have meant that grains production in Italy, Spain and Portugal will be as much as 60% lower than last year, contributing to possibly the EU’s worst grain harvest in 15 years, according to farm lobby Copa and Cogeca.It’s called the situation “extremely worrying.” “Prices are always stickier down than up,” said Tom Halverson, chief executive of CoBank, a cooperative bank that works with rural businesses across the US.

“It takes a lot longer and it’s a lot harder to squeeze inflation out.”





Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021


Buy Our Merchandise (Peace Series)

 


Contribute US to Start Broadcasting



It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.


STRIPE


[India] - Bharat Biotech transfers to adds ICMR as co-owner of Covid-19 vaccine patent


[India] - NTA chief got rid of amidst NEET-UG, UGC-NET abnormalities allegations


[India] - Indian e-two wheelers better than other nations: Ather Energy co-founder


GST Council waives interest, penalty on tax demands between FY18 and FY20


CNG price in national capital, adjoining cities hiked by Re 1 per kg


Swiss court clears Hinduja family members of human trafficking charges


Eminence Estates prepares to raise Rs 5,000 cr through QIP, monetise hotel biz


[India] - Indian deeptech startups count surges in 2023, funding drops 77%: Nasscom


[India] - Sebi orders Religare Enterprises to make an application for open deal before July 12


Meril launches indigenously developed knee-replacement robotic system


WestBridge Capital sells 1.7% stake in AU Small Fin Bank for Rs 845 cr


[India] - India now 3rd-largest domestic airline company market; capacity doubles in 10 yrs


Gland Pharma promoter Fosun divests 6% stake for Rs 1,754 cr via bulk deal


[India] - India requires new hardship line for approximating level of deprivation: Debroy


[India] - 'Integrity compromised': NTA cancels UGC-NET exam, matter with CBI


Google launches Gemini Chatbot service in India, other South Asian nations


Apple MacBook Pro with M4-series chips to arrive in Q4 2024: Report


Samsung to bring Galaxy Z Fold 6 'Slim' alternative later on this year: Report


Alyve Health raises $5.5 mn in Series A financing led by Axilor Ventures


[India] - State-run Coal India checking out lithium properties in Argentina with US business


[India] - BPCL to invest Rs 1,400 cr to establish sustainable air travel fuel facilities


[India] - HUDCO raises $200 mn from abroad loan providers for its foray into loan market


[India] - SBI prepares to raise Rs 10,000 cr through infrastructure bonds, state bankers


[India] - Adani Ports leads international peers in market price as freight volumes rise


Fitch raises India's growth estimates for FY25 to 7.2% as investments rise


[India] - Start-up Landeed raises funds from Paradigm Shift to extend line of product


Stock Exchange LIVE: Sensex, Nifty hold gains near record peaks; ixigo zooms 54% over problem rate


[India] - Budget 2024: Continuity in more ways than one in FM's seventh Budget


Indian websites saw 261% rise in cyberattacks in Q1 CY24: Report


Apple reportedly working on iPad Pro-inspired slim iPhone model for 2025


Priyanka Gandhi to make survey debut as Rahul to leave Wayanad for Rae Bareli


Jindal Stainless purchases staying 46% stake in Chromeni Steels for Rs 278 cr


Warren Buffett's Berkshire Hathaway trims its stake in China's BYD


Rahul Gandhi picks Rae Bareli, Priyanka to contest from Wayanad LS seat


[India] - ESR buys 27-acre land in commercial, logistic park in Chennai for Rs 276 cr


NCLAT orders NCLT to hear afresh insolvency plea by APL Apollo Tubes


Drone logistics solution provider Skye Air bags $4 mn in Series A funding


[India] - Motorola Razr 50 series foldable smart devices anticipated to arrive in July


FMCG companies increase prices to maintain margins due to high input costs


Tragedy in Darjeeling as trains collide, lack of Kavach raises questions


Outages, low voltage, fires: Delhi fights power woes with trippy ACs, water


WhatsApp to add voice message transcription in different languages


Israeli Army announces 'tactical time out' to increase flow of aid into Gaza


Mutual funds industry adds 8.1 mn new investor accounts in Apr-May FY25


Essar to invest Rs 30,000 cr in green hydrogen plant in Gujarat over 4 yrs


[India] - I-T relief for those in least expensive slab might be considered in Budget: CII


Dharavi project: No land to Adani group, transfer to Maharashtra govt dept


Govt headhunter interviews eight people for HPCL top post; rejects them all


Mcap of 5 of top-10 valued firms jumps Rs 85,582 cr; LIC biggest gainer


Godavari Biorefineries files IPO, aims to raise Rs 325 cr via fresh issue


NCLT orders proceeding against Supernova developer Supertech Realtors


Rajasthan govt begins recalling some batches of MDH and Everest spices


The green journey: Cleaner fuels driving one-fifth of PVs sold in India


State-owned PFC signs arrangement with CVPPPL for Rs 1,870 crore term loan


[India] - Sebi cancels registration of Grovalue Fin Services for flouting standards


LG MyView evaluation: Productivity-focused display with television capability built-in


[India] - iOS 18 dev beta presents Live Voicemail with text transcription in India


[India] - Stock Market LIVE: Benchmarks trim early gains; Sensex up 250 pts, Nifty tops 23,350


Samsung unveils technology road map to lure AI chip makers to its mfg biz


Apple most likely to 'pay' OpenAI for ChatGPT through distribution, not cash


[India] - India will require to construct 100 mn homes this decade amidst rising earnings


Over 40 Indians among 49 killed in devastating fire in southern Kuwait


Whirlpool of India, HUL announce marketing alliance for Surf Excel


[India] - Costa Coffee posts 49% increase in revenue to Rs 152 cr in FY24, includes 67 shops


Gensol Engineering wins bidding for Rs 1,340 cr energy storage project


Taiwanese firm MediaTek designs Arm-based chip for Microsoft's AI laptops





53