Agricultural commodities prices exploded on Friday, threatening higher global food prices, after the US government forecasters slashed grains production estimates after adverse weather damaged crops worldwide.
The price movements of up to 12.5 per cent were among the worst since the 2007-08 food crisis as traders scrambled for supplies amid warnings of dwindling inventories. They followed a warning from the US Department of Agriculture that stocks of corn and barley, the feedstocks of the meat industry, would “fall dramatically” with US corn stocks forecast to hit a 14-year low.
“The combined shortfalls [in the US, Europe, Russia and Ukraine] present a much tighter supply picture than just a few months ago,” the USDA said.
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