🌎 Year in Review: With food prices climbing to record peaks this year, millions of people are suffering across the world, especially poorer nations in Africa and Asia already facing hunger and malnutrition
to the crop which was ready for harvest, a severe drought is expected shrink Argentina's wheat crop by almost 40%.A lack of rainfall in the U.S. Plains, where the winter crop ratings are running at the lowest since 2012, could dent supplies for the second half of the year.
"Rice availability in most exporting countries is pretty thin except India, but it has export duties in place to reduce sales," said one Singapore-based trader at an international trading company. The outlook for corn and soybeans in South America looks bright for its harvest in early 2023, although recent dryness in parts of Brazil, the world's top bean exporter, has raised worries.
The agency is forecasting U.S. corn supplies to fall to a decade low before the 2023 harvest, while soybean stocks were seen at a seven-year low and wheat ending stocks are forecast at the lowest in 15 years.
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