Fair weather boosts global harvests infographic
Graphic charts falling food prices in the Bloomberg Grains Subindex.
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AGRICULTURE

Global bumper grain harvests see food prices fall

By Ninian Carter

August 14, 2024 - Unlike some stricken parts of the world, the weather across the main global breadbaskets has been fair in 2024, leading to bumper harvests of wheat, corn and soybeans.

Despite global heatwaves and storms, the weather across the world’s breadbaskets has been fair, leading to bumper harvests of wheat, corn and soybeans – which in turn has led to a fall in wholesale food prices.

The fine summer weather extends from the U.S. to Ukraine and the plains of Kazakhstan, and from Brazil to the Australian grasslands.

And if it continues until the end of September, the low farm prices consumers enjoyed between 2015 and 2020 may return. Although, what you pay will depend on other costs, and on whether manufacturers and supermarkets pass on the savings to their customers or choose to increase their profit margins instead.

As well as good growing weather, seed yields are improving all the time thanks to better agronomics and the improved machinery, such as planters and harvesters, that farmers can utilise.

Sources
PUBLISHED: 14/08/2024; STORY: Graphic News
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