AI will summarize what happened, why it matters and what it means for business.
Adverse weather conditions, the Russian-Ukrainian conflict, and military actions in the Middle East could lead to a new wave of rising global food prices, according to Bloomberg.
According to the agency, Russia and Ukraine account for more than a quarter of global wheat trade, about two-thirds of sunflower oil exports, and a tenth of corn exports, but shipments via the Black Sea remain difficult.
The agency notes that the situation is exacerbated by extreme heat, drought, and wildfires in Europe, which could lead to the largest reduction in grain production in decades. In addition, the US-Israeli military operation against Iran has caused an increase in fuel and fertilizer prices.
Bloomberg also cites the El Niño climate phenomenon as another risk factor, which is characterized by an abnormal rise in surface water temperatures in the Pacific Ocean and could negatively affect the largest rice producers and exporters.
Context
What happened before
Generated by AI. Please check key details when accuracy matters.
Russia and Ukraine supplied more than a quarter of global wheat trade, about two-thirds of sunflower oil exports, and a tenth of corn exports
Black Sea shipments remain difficult
Extreme heat, drought, and wildfires in Europe could lead to the largest reduction in grain production in decades
US-Israeli military operation against Iran caused a rise in fuel and fertilizer prices
El Niño climate phenomenon could negatively affect major rice producers and exporters