High food prices in recent years have prompted farmers around the world to grow more grains and oilseeds. However, consumers are expected to face supply constraints in 2024, affected by factors such as the El Nino phenomenon, export restrictions and increased biofuel quotas.

After several years of strong gains, global wheat, corn and soybean prices are expected to fall in 2023 as transportation bottlenecks in the Black Sea ease and the market worries about a global economic slowdown, Reuters quoted analysts and traders as saying. Is. However, food prices remain vulnerable to supply shocks and food inflation during the New Year period.

AustraliaOle Hoye, director of advisory services at Icon Commodities, a Sydney-based agricultural brokerage, said: “The grain supply situation will certainly improve in 2023 with increased production in some key areas, but we are not really out of the woods yet “

“We expect the El Nino phenomenon to last at least from April to May (next year).brazilIt is almost certain that maize production will reduce and China has also surprised the market by purchasing large quantities of wheat and maize from the international market. ,

The El Nino phenomenon, which has brought dry weather to much of Asia this year, is expected to continue into the first half of 2024, causing shortages of rice, wheat, palm oil and other agricultural products in some of the world’s largest agricultural areas. Supplies will be in danger. Importing and exporting countries.

Traders and officials expect rice production in Asia to fall in the first half of 2024 due to dry weather and falling reservoir levels.

Rice supplies have started to decline this year after the El Nino phenomenon slashed production, prompting India, the world’s top exporter, to ban exports.

The good news related to food supply is that South American corn, wheat and soybean production is expected to improve in 2024, but erratic weather in Brazil remains a concern.

Although Brazil’s soybean and corn production estimates have been revised downwards in recent weeks due to dry weather, the country’s agricultural output is still expected to reach record levels in 2024.

Global palm oil production is also likely to decline next year due to the dry El Nino phenomenon, which will reduce edible oil prices by more than 10% in 2023.oil priceGrid is supported. The decline in production is expected to coincide with an increase in demand for palm oil-based biodiesel and cooking oil.

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