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Global Food Supplies and Prices are in Danger in 2024

Rising food prices in the past few years have prompted farmers around the world to grow more grains and oilseeds. However, consumers are expected to face tight food supplies in 2024. That is due to the occurrence of the El Niño phenomenon, export restrictions, and increased biofuel commitments. Analysts and traders stated that global prices for wheat, corn, and soybeans were heading for a decline in 2023. That comes after years of strong gains. The market is also facing fears of a global recession although prices remain vulnerable to supply shocks and food inflation in 2024.

Read more about global food supply and prices here