www.agtechdaily.com
No Result
View All Result
  • Login
  • Home
  • Agriculture
  • Food
  • Technology
  • Sustainability
Contact
ABOUT US
  • Home
  • Agriculture
  • Food
  • Technology
  • Sustainability
No Result
View All Result
www.agtechdaily.com
No Result
View All Result
Home Agriculture

Food crisis grows as Indonesia joins countries to ban agricultural exports

Admin by Admin
March 10, 2022
Reading Time:5min read
0
palm oil plantation

A palm oil plantation stretches to the horizon in Indonesia.

LONDON, March 9 (Reuters) – A global food crisis sparked by Russia’s invasion of Ukraine escalated on Wednesday as Indonesia tightened curbs on palm oil exports, adding to a growing list of key producing countries seeking to keep vital food supplies within their borders.

RELATED POSTS

Impact of bulk density and content of rock fragments

Almost all of Africa’s maize crop is at risk from devastating fall armyworm pest, study reveals

The unlikely food source for pollinators

The conflict in Ukraine is threatening global grain production, the supply of edible oils and fertiliser exports, sending basic commodity prices rocketing and mirroring the crisis in energy markets.

Palm oil is the world’s most widely used vegetable oil and is used in the manufacture of many products including biscuits, margarine, laundry detergents and chocolate. Palm oil prices have risen by more than 50% this year.

Indonesia’s Trade Minister Muhammad Lufti said the export curbs aimed to ensure that cooking oil prices at home remain affordable to consumers.

The rise in prices comes at a time when affordability of food is a major challenge as economies seek to recover from the coronavirus crisis and is also helping to fuel a broader surge in inflation across the globe.

Russia and Ukraine are also important suppliers of edible oils as well as contributing nearly 30% of global wheat exports.

Ukraine announced on Wednesday it had banned a wide range of agricultural exports including barley, sugar and meat until the end of the year. 

The conflict has not only disrupted shipments from the Black Sea region but is also jeopardizing prospects for harvests as fertilizer prices soar and supplies shrink in response to a sharp rise in the cost of natural gas – a key component in the manufacturing process for many products.

Buy JNews
ADVERTISEMENT
World food prices rose to a record high in February to post a year-on-year increase of 20.7%, according to the United Nations food agency, while many markets have continued to climb this month.
Malaysian palm oil futures rose to an all-time high following Indonesia’s announcement while soybean oil prices jumped to a 14-year peak.

Soybean oil prices have climbed by almost 40% this year.

SCRAMBLING FOR SUPPLIES

Russia and Ukraine are both major producers of sunflower oil and the two countries account for almost 80% of global exports, leaving customers such as India scrambling to secure supplies of alternatives such as palm oil and soy oil.

Chicago wheat futures have climbed around 60% so far this year, threatening to raise the cost of key food staples such as bread.

The loss of two major exporters in Ukraine and Russia has been compounded by news that the condition of the wheat crop in the world’s top producer, China, may be the “worst in history” according to the country’s agriculture minister.

Poor growing conditions in drought-affected parts of the U.S. Plains look set to further tighten supplies.

Serbia announced on Wednesday it will ban exports of wheat, corn, flour and cooking oil as of Thursday to counter price increases while Hungary banned all grain exports last week.

Bulgaria has also announced it will increase its grain reserves and might restrict exports until it has carried out planned purchases.

Grain supplies in Romania, a major exporter, have also tightened as international buyers seek alternatives to Russia or Ukrainian supplies although there are currently no plans to restrict shipments.

Global grain production could also decline as the production of fertilizers, which help to boost crop yields, is curtailed following a rise in natural gas prices.

Yara, one of the world’s largest fertilizer makers, said on Wednesday it was curtailing its ammonia and urea output in Italy and France.

The Norwegian company warned last week that the conflict was threatening global food supplies.

Russia, which calls its actions in Ukraine a “special operation” rather than an invasion, had been a major supplier of fertilizers but the country’s trade and industry ministry recommended on Friday that producers temporarily halt exports.

Source Link

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • More
  • Click to share on Reddit (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Pocket (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Skype (Opens in new window)

Like this:

Like Loading...
Tags: indonesiapalm oilPin Post
Admin

Admin

Related Posts

Agriculture

Impact of bulk density and content of rock fragments

February 1, 2023
Agriculture

Almost all of Africa’s maize crop is at risk from devastating fall armyworm pest, study reveals

February 1, 2023
Agriculture

The unlikely food source for pollinators

February 1, 2023
Agriculture

European farms mix things up to guard against food-supply shocks

January 28, 2023
Agriculture

Development of machine vision system capable of locating king flowers on apple trees

January 28, 2023
Agriculture

A transnational collaboration leads to the characterization of an emergent plant virus

January 27, 2023
Next Post

Ministry looks to address hurdles in agri-exports to Russia, Ukraine - Agriculture Industry Today

FDA investigations continue in three foodborne illness outbreaks

Latest News

Unity Vibration Kombucha Earns BeVeg Vegan Certification – Agriculture Industry Today

August 13, 2022

IISc Inks MoU with Lam Research India for Sponsored Fellowship Programme

March 2, 2022

Using Heat-Killed Bacterium Against NOW

May 3, 2022

Most Popular

  • Agricultural E-Commerce Boosts Incomes For Cherry farmers in Shandong

    0 shares
    Share 0 Tweet 0
  • Seeds of Discord: Farmers Accused of Fraud in Dicamba Dispute | Arkansas Business News

    0 shares
    Share 0 Tweet 0
  • Farm Credit Administration tours the Midwest – Agweek

    0 shares
    Share 0 Tweet 0
  • 12 Biggest Agriculture Companies in the World

    0 shares
    Share 0 Tweet 0
  • How Technology Is Changing Agriculture

    0 shares
    Share 0 Tweet 0
Facebook Twitter Pinterest LinkedIn
www.agtechdaily.com

AgTech Daily provides in-depth journalism and insight into the most impactful news and trends shaping the agricultural and food technology industry

Categories

  • Agriculture
  • Announcements
  • Food
  • Others
  • Sustainability
  • Technology

Quick Links

  • Home
  • About us

© 2022 - All Right Reserved. www.agtechdaily.com.

No Result
View All Result
  • Home
  • Agriculture
  • Food
  • Technology
  • Sustainability

© 2022 - All Right Reserved. www.agtechdaily.com.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
%d bloggers like this: