Ukraine and Russia were major producers and exporters of cereals. It has caused a reduction in available food in the market.
Before the war, the available supply was outstripping demand. Prices of agricultural commodities like cereals often dropped to unsustainably low levels causing farmer distress in food-producing countries.
Countries like India, where food production and food prices were below the market price, are now finding the global food market viable. It has resulted in additional supplies entering the market. Importers of food come from food-deficit countries of North Africa and the Middle East and are now constrained to offer higher prices.
What we are seeing today is a play of market forces. The role of governments in an open market can, at best, be marginal. They can influence the market through tariffs and imposts. While they do this, they have to ensure that the actions are compliant with the WTO norms, which favor open and free trade.
While food importers have a downside, it is a major relief for millions of food-producing farmers worldwide who are now finding agriculture profitable.

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Sudhirahluwalia, Inc