In 2023, futures contracts on commodities such as orange juice, cocoa, coffee, and sugar experienced significant price increases due to extreme weather conditions and supply concerns linked to El Niño. Looking ahead, global staple food supplies are expected to be strained in 2024 as a result of dry weather and export restrictions. Despite farmers worldwide responding to high food prices in recent years by planting more cereals and oilseeds, consumers are anticipated to face tighter supplies into 2024. This is attributed to the adverse effects of El Niño, the imposition of export restrictions, and increased biofuel mandates.
Global 2024 staple food supplies to be strained by dry weather, export curbs - Reuters https://t.co/rJeamkZUuj
Dry weather and export restrictions to impact global staple food supplies in 2024 https://t.co/dKE4KKFAb7 https://t.co/HzinhZsD9v
High food prices in recent years have prompted farmers worldwide to plant more cereals and oilseeds, but consumers are set to face tighter supplies well into 2024, amid adverse El Nino weather, export restrictions and higher biofuel mandates https://t.co/eMsMcU3ZZs
Global 2024 staple food supplies to be strained by dry weather, export curbs https://t.co/5P1ETjEJgl https://t.co/PZEPsZbxk0
Futures contracts on orange juice, cocoa, coffee and sugar soared in 2023 in part because of extreme weather and supply concerns related to El Niño. https://t.co/GkVKy9XklX