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Ukraine crisis will disrupt supply, drive up global crop prices: Food and agri firm Olam
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Disruptions could include farm workers not being able to harvest or plant the crops, as well as transport bottlenecks as a result of port closures.
PHOTO: BLOOMBERG
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SINGAPORE - If military clashes in Ukraine and sanctions on Russia drag on, the world could be looking at elevated food prices as demand outpaces supply in the months to come.
Russia and Ukraine account for a combined 19 per cent of the world's corn trade of 204 million tonnes and 30 per cent of the global wheat trade of 207 million tonnes, so any disruption to harvesting and production would impact global prices, Mr Sunny Verghese, chief executive of food commodities distributor Olam International, told The Straits Times on Monday (Feb 28).
